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LuluScavino
 2 years ago
Medal Award
Samantha purchased a dining room set for $2,910 using a 12month deferred payment plan with an interest rate of 22.98%. She did not make any payments during the deferment period. What will Samantha’s monthly payment be if she must pay off the dining room set within two years after the deferment period?
$121.25
$160.02
$191.33
$152.24
LuluScavino
 2 years ago
Medal Award Samantha purchased a dining room set for $2,910 using a 12month deferred payment plan with an interest rate of 22.98%. She did not make any payments during the deferment period. What will Samantha’s monthly payment be if she must pay off the dining room set within two years after the deferment period? $121.25 $160.02 $191.33 $152.24

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amistre64
 2 years ago
Best ResponseYou've already chosen the best response.1compound the balance for the defered period, what do we have to work with?

amistre64
 2 years ago
Best ResponseYou've already chosen the best response.1\[B_{12}=B_o~k^{12}~:~k=1+r/12\]

amistre64
 2 years ago
Best ResponseYou've already chosen the best response.1using the value of B12, we can determine the Payments required for 24 months (2 years): \[[B]_{24}=B_{12}k^{24}P\frac{1k^{24}}{1k}\]since we want the balance to be zero lets plug that in and solve for P \[0=B_{12}k^{24}P\frac{1k^{24}}{1k}\] \[B_{12}k^{24}=P\frac{1k^{24}}{1k}\] \[B_{12}k^{24}\frac{1k}{1k^{24}}=P\] if we dont want to go thru the trouble of computing things twice, sub in for B12 = B0k^12 \[B_ok^{12}~k^{24}\frac{1k}{1k^{24}}=P\] \[B_ok^{36}~\frac{1k}{1k^{24}}=P~:~k=1+r/12\]

LuluScavino
 2 years ago
Best ResponseYou've already chosen the best response.0I dont understand how to do it? im sorry im confused

amistre64
 2 years ago
Best ResponseYou've already chosen the best response.1thats just the process; its the end formula i use to determine P http://www.wolframalpha.com/input/?i=2910k%5E%2836%29%281k%29%2F%281k%5E24%29%2C+k%3D1%2B.2298%2F12

LuluScavino
 2 years ago
Best ResponseYou've already chosen the best response.0Thank you so much could you help me with another one?

amistre64
 2 years ago
Best ResponseYou've already chosen the best response.1if it involve IRA stuff, then no ... cant seem to get those yet

LuluScavino
 2 years ago
Best ResponseYou've already chosen the best response.0Alex purchased a bedroom set for $2,276 using a sixmonth deferred payment plan with an interest rate of 23.49%. What is the balance after the deferment period if payments of $112 are made each month? $1,604.00 $1,884.74 $2,276.00 $2,556.74

amistre64
 2 years ago
Best ResponseYou've already chosen the best response.1I use the same setup\[B_n=B_ok^nP\frac{1k^n}{1k}~:~k=1+r/12\] since the defered period doesnt have a set payment; we can just set our own payment schedule ... they give it as P=112 \[B_6=2276~k^6112\frac{1k^6}{1k}~:~k=1+.2349/12\] that comes to 1851 for me, so id say B is the safest bet http://www.wolframalpha.com/input/?i=2276k%5E6112%281k%5E6%29%2F%281k%29%2Ck%3D1%2B.2349%2F12
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