Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
The purchase of the hydroponic system by Ingrid Nilsen for $4,000 with a 20% down payment at 10% APR for 36 months, and the related calculations, are as follows:
a) down payment = $800.00 ($4,000 x 20%)
b) amount financed = $3,200 ($4,000 - $800)
c) monthly payment = $103.25
d) total amount repaid = $4,517
e) finance charge = $517
How is periodic payment computed?
The amount of the periodic payment, finance charge, and total repayment can be computed using an online finance calculator as follows:
Data and Calculations:
Auto Price = $4,000
Loan Term = 36 months
Interest Rate = 10%
Down Payment = $800 ($4,000 x 20%)
Monthly Payment = $103.25
Total Loan Amount $3,200.00
Upfront Payment = $800.00 ($4,000 x 20%)
Total of 36 Loan Payments = $3,717. ($103.25 x 36)
Total Loan Interest = $517
Total Cost (price, interest, tax, fees) = $4,517
Thus, Ingrid Nilsen repaid a total of $4,517 with $517 in interest (finance charge).
Learn more about periodic payments at https://brainly.com/question/13098072
#SPj1
We hope this was helpful. Please come back whenever you need more information or answers to your queries. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.