A Hepplewhite sofa costs $3,620 in cash. Jaquanna Wilson will purchase the sofa in 48 monthly installment payments. A 17% per year finance charge will be assessed on the amount financed. Find the finance charge, the installment price, and the monthly payment. The finance charge is S. (Type an integer or a decimal.)
A Hepplewhite sofa costs $3,620 in cash. Jaquanna Wilson will purchase the sofa in 48 monthly installment payments. A 17% per year finance charge will be assessed on the amount financed. Find the finance charge, the installment price, and the monthly payment. The finance charge is S. (Type an integer or a decimal.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cash price of computer = $ 3,620 |
Rate per 18 months = 0.17/12 * 48 = 68% |
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