washer-dryer combination can be purchased from a department store by making monthly credit card payments of $53.24 for three-and-a-half years. The first payment is due on the date of sale and interest is 21% compounded monthly. (a) What is the purchase price? (b) How much will be paid in installments? (c) How much is the cost of financing? (d) If an additional $9.50 per month is added to cover a service contract, what is the value of the entire contract on the date of sale?
washer-dryer combination can be purchased from a department store by making monthly credit card payments of $53.24 for three-and-a-half years. The first payment is due on the date of sale and interest is 21% compounded monthly. (a) What is the purchase price? (b) How much will be paid in installments? (c) How much is the cost of financing? (d) If an additional $9.50 per month is added to cover a service contract, what is the value of the entire contract on the date of sale?
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
Question
washer-dryer combination can be purchased from a department store by making monthly credit card payments of $53.24 for three-and-a-half
years. The first payment is due on the date of sale and interest is 21% compounded monthly.
(a) What is the purchase price?
(b) How much will be paid in installments?
(c) How much is the cost of financing?
(d) If an additional $9.50 per month is added to cover a service contract, what is the value of the entire contract on the date of sale?
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