Find c and I. Choose the right answers. Hint: c = total of payments - amount financed Amount Financed (m) = $3,500 Number of Payments per year (y) = 12 Number of Payments (n) = 36 36 payments of $104.50 each. To the nearest penny, total interest (c) = $ To the nearest tenth, I =

Question

Mathematics

Martha Riggs

30 December, 20:28

Find c and I. Choose the right answers. Hint: c = total of payments - amount financed Amount Financed (m) = $3,500 Number of Payments per year (y) = 12 Number of Payments (n) = 36 36 payments of $104.50 each. To the nearest penny, total interest (c) = $ To the nearest tenth, I =

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Patricia Robertson · Answer 1

Total of payments

104.5*36=3762

C=total of payments-amount financed

C=3,762-3,500=262

I = (2yc) : (m * (n+1)

I = (2*12*262) : (3,500 * (36+1)) = 0.0486

I=0.0486*100

I=4.86%