Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN: 9780134463216
Author: Robert F. Blitzer
Publisher: PEARSON
Bartleby Related Questions Icon

Related questions

Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 9% interest. How…
A:
Q: Mr. John borrows money from a friend with simple interest of 12%, find the present worth of $25,000…
A: If the interest is simple, then the formula used is A=P(1+rt), where A is the final amount, P is the…
Q: Juan purchases an annuity for 4140 dollars that will make 17 annual payments, the first to come in…
A:
Q: What would be the monthly payment on an add-on loan from a credit union at 6% over 36 months for the…
A: I solved with detailed analysis
Q: If sue borrowed $6300 from the bank , she has already paid 2/7 of the loan, whats the remaining…
A:
Q: Mr. Nelson had to borrow $1500 to purchase a new water heater after the snowpacalypse. The loan had…
A: Question is related to interest.
Q: The minimum monthly payment for Brian's credit card is 3.5% of his balance or $25, whichever is…
A: Brian's balance at the end of his billing cycle=$722 The minimum monthly payment for Brian's credit…
Q: The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56)…
A: Monthly interest rate  = 0.5 % yearly interest rate  = 005*12 =6 %Loan amount = 320,000 $monthly…
Q: Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How…
A: The objective of this question is to find out how much money needs to be deposited each month in an…
Q: a car costs $12500 and youre offered a loan that requires $800 down and a monthly payment of 228.29…
A: Monthly payments of 228.29 for 66 months contribute to 228.29*66 = 15067.14   And 800 down payment.…
Q: Find the present value of $20,600 in 4 months at 9% simple interest
A: Given A=$20,600 time t=4 months =13 years r=9%=0.09 we have to find the present value P we know that…
Q: Suppose that you borrow $13,000 for four years at 6% toward the purchase of a car. Find the monthly…
A:
Q: Find the interest due on $1,400 at 9% for 270 days
A:
Q: Perry took out a payday loan for $1350 that charged a $55 fee. If the loan matures in 1 week, what…
A:
Q: interest and agreed to pay it off over a 2 year period, how much would your monthly payment be?
A:
Q: Calculate the amount of SIMPLE interest earned on an investment of $1000 at 4% for 6 years
A:
Q: colin has a past due rent of 14,498 his new rent is 1195 a month for the next year. if he breaks up…
A: Colin's previous due is 14,498. So, if he breaks up his past due balance equally for the next year,…
Q: The Small Business Administration offers business loans at 5.8% interest compounded monthly for 8…
A:
Q: How much interest is owed on a 9-month, $5550 loan borrowed at 7.25% simple interest?
A: Given the Principal amount P= $5550 Rate of interest =7.25% =0.0725  Time, t=9 months = 912=0.75…
bartleby

Concept explainers

Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 …
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…
Topic Video
Question
100%

If I purchased an appliance for $2500 , paid $800 as a down payment and financed the remainder over 3 years, at 11% interest (with add-on), What is the total amount paid for the appliance

Expert Solution
Check Mark
Step 1

Given that loan is of 'add-on interest' type

Add on interest = Principal *Rate of interest annualy*duration in year

In our case principal = price of appliance - downpayment paid = 2500-800=$1700

Rate of interest per annum = 11%

duartion of loan = 3 years

on substituting the above values in formula on add on interest we get

Add on interest = 1700 * (11/100) * 3 = $561

Total Amount paid for appliance = principal +downpayment + Add on interest = 1700+800+561=$3061

 

 

 

bartleby

Trending nowThis is a popular solution!

bartleby

Step by stepSolved in 1 steps

Blurred answer
Knowledge Booster
Background pattern image
Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, algebra and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:PEARSON
Text book image
Contemporary Abstract Algebra
Algebra
ISBN:9781305657960
Author:Joseph Gallian
Publisher:Cengage Learning
Text book image
Linear Algebra: A Modern Introduction
Algebra
ISBN:9781285463247
Author:David Poole
Publisher:Cengage Learning
Text book image
Algebra And Trigonometry (11th Edition)
Algebra
ISBN:9780135163078
Author:Michael Sullivan
Publisher:PEARSON
Text book image
Introduction to Linear Algebra, Fifth Edition
Algebra
ISBN:9780980232776
Author:Gilbert Strang
Publisher:Wellesley-Cambridge Press
Text book image
College Algebra (Collegiate Math)
Algebra
ISBN:9780077836344
Author:Julie Miller, Donna Gerken
Publisher:McGraw-Hill Education
SEE MORE TEXTBOOKS