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21 January, 11:19

The Gomez family just purchased a $2,574.54 laptop computer. They made a down payment of $574.54. Through the store's installment plan, they agreed to pay $121.00 per month for the next 18 months. A. What is the amount financed? B. What is the finance charge? C. What is the APR?

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  1. 21 January, 15:17
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    A) The amount financed is the purchase amount less the down payment.

    $2,574.54 - 574.54 = $2000.00

    B) The finance charge is the total of payments less the amount financed.

    18*$121.00 - 2000.00 = $178.00

    C) The APR is calculated by a financial calculator to be 10.96%.
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Home » Mathematics » The Gomez family just purchased a $2,574.54 laptop computer. They made a down payment of $574.54. Through the store's installment plan, they agreed to pay $121.00 per month for the next 18 months. A. What is the amount financed? B.
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