Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. 0 1 2 13 15 16 17 p6 21 modified use the modified

0 1 2 13 15 16 17 P6 21 Modified use the modified numbers in...

90.2K

Verified Solution

Question

Basic Math

image

0 1 2 13 15 16 17 P6 21 Modified use the modified numbers in bold below You ve just bought a new 85 inch flat screen TV for 2 499 and the store you bought it from offers to let you finance the entire package at an annual rate of 12 compounded monthly If you take the financing and make monthly payments of 83 how long in years will it take to pay off the loan How much will you pay in interest over the life of the loan 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Hint Use the NPER function in Excel to solve the problem The PV figure is the amount you are financing PV 1 m nper pmt FV Total payments PV Interest Paid 2 499 12 00 12 36 00 months 83 00 800 8 33 2 499 2 490 67 number of payme 489 3 00 years 1836 50 4150 36

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

A fly has a genetic mutation that accelerates the breakdown of the period protein. a) How...

Psychology
1.2K views

define circular questions and give an example.

Basic Math
1.2K views

In SAS code please. Tennis balls are tested in a machine to show how many bounces they...

Basic Math
1.2K views

Solve by completing the square and applying the square root property Express the solution set...

Calculus
1.2K views

Points 0 of 1 bond with a face value of 1000 and a 6 3...

Accounting
1.2K views

need help with this question The following company information is...

Accounting
1.2K views

The adjusted trial balance for Chef on Demand Catering, Inc., is presented below. Prepare the...

Accounting
1.2K views

Fitness Workout, Inc., is a small business. Siblings Grady and Heidi, and nine other members...

Accounting
1.2K views

When only a single measure of performance is used, the measure tends to become an...

Accounting
1.2K views

The________ratio measures the percentage of earnings distributed in the form of cash dividends. The lower...

Accounting
1.2K views

Sanjeev enters into a contract offering variable consideration. The contract pays him $2,200/month for six...

Accounting
1.2K views

Problem 1 - Production budget Pasadena Candle Inc. projected sales of 56,000 candles for the...