Question

If you buy a computer directly from the manufacturer for $2554 and agree to repay it in 48 equal installments at 1.98% interest per month on the unpaid balance. How much total interest will be paid? (Remember, the interest is the difference between the loan and the sum of all payments). Round to the nearest cent, 2 decimal places.

Name: if you buy a computer directly from the manufacturer for 2554 and agree to repay it in 48 equal installments at 198 interest per month on the unpaid balancehow much total interest will be pa 18141
Uploaded: 2023-05-30T22:02:36-08:00
Duration: 1 min 30 s
Channel: Penny Riley
Description: if you buy a computer directly from the manufacturer for 2554 and agree to repay it in 48 equal installments at 198 interest per month on the unpaid balancehow much total interest will be pa 18141

          If you buy a computer directly from the manufacturer for $2554 and agree to repay it in 48 equal installments at 1.98% interest per month on the unpaid balance. How much total interest will be paid? (Remember, the interest is the difference between the loan and the sum of all payments). Round to the nearest cent, 2 decimal places.

Added by Andrea S.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Penny Riley

05/30/2023

Step 1

We can use the formula for the monthly payment of a loan: P = (r * L) / (1 - (1 + r)^(-n)) where P is the monthly payment, r is the monthly interest rate (1.98% divided by 100), L is the loan amount ($2554), and n is the number of payments (48). Plugging in the Show more…

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If you buy a computer directly from the manufacturer for $2554 and agree to repay it in 48 equal installments at 1.98% interest per month on the unpaid balance. How much total interest will be paid? (Remember, the interest is the difference between the loan and the sum of all payments). Round to the nearest cent, 2 decimal places.