A stereo is priced at $850 for cash sales. On the "easy payment plan" the down payment is required is 15% of the cash price. Twelve percent simple interest is added to cover financing costs. The entire debt is to be repaid in 18 equal monthly payments. a) How large is each payment? b) What is the interest rate that must be quoted to the buyer (APR)
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 miles away.
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 experiments to set up the devices.
A stereo is priced at $850 for cash sales. On the "easy payment plan" the down payment is required is 15% of the cash price. Twelve percent simple interest is added to cover financing costs. The entire debt is to be repaid in 18 equal monthly payments.
a) How large is each payment?
b) What is the interest rate that must be quoted to the buyer (APR)
Step by step
Solved in 3 steps with 3 images
