Anna is buying$11,000worth of rare coins as an investment. The dealer is charging her an annual interest rate of7.9%and is using the add-on method to compute her monthly payments.a.If Anna pays off the coins in36months, what are her monthly payments?b.If she makes a down payment of$3,000,how much will this reduce her monthly payments?c.If she wants to have monthly payments of$325,how large should her down payment be?

NOTE: Refresh your page if you can't see any equations. . here we have P=11000 r=7.9%=0.079 t=36…

Answered: Anna is buying $11,000 worth of rare…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

Anna is buying

$11,000

worth of rare coins as an investment. The dealer is charging her an annual interest rate of

7.9%

and is using the add-on method to compute her monthly payments.

a.	If Anna pays off the coins in 36 months, what are her monthly payments?
b.	If she makes a down payment of $3,000, how much will this reduce her monthly payments?
c.	If she wants to have monthly payments of $325, how large should her down payment be?

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Anna is buying $11,000 worth of rare coins as an investment. The dealer is charging her an annual interest rate of 9.4% and is using the add on method to compute her monthly payments..

a. If Anna pays off the coins in 72 months what are her monthly payments?

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