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LuluScavino Group Title

Medal Award Samantha purchased a dining room set for $2,910 using a 12-month 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

  • one year ago
  • one year ago

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  1. amistre64 Group Title
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    compound the balance for the defered period, what do we have to work with?

    • one year ago
  2. amistre64 Group Title
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    \[B_{12}=B_o~k^{12}~:~k=1+r/12\]

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

    • one year ago
  4. LuluScavino Group Title
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    I dont understand how to do it? im sorry im confused

    • one year ago
  5. amistre64 Group Title
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    thats just the process; its the end formula i use to determine P http://www.wolframalpha.com/input/?i=2910k%5E%2836%29%281-k%29%2F%281-k%5E24%29%2C+k%3D1%2B.2298%2F12

    • one year ago
  6. LuluScavino Group Title
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    Thank you so much could you help me with another one?

    • one year ago
  7. amistre64 Group Title
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    if it involve IRA stuff, then no ... cant seem to get those yet

    • one year ago
  8. LuluScavino Group Title
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    Alex purchased a bedroom set for $2,276 using a six-month 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

    • one year ago
  9. LuluScavino Group Title
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    i believe its b

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

    • one year ago
  11. LuluScavino Group Title
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    okay thanks :)

    • one year ago
  12. amistre64 Group Title
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    good luck :)

    • one year ago
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