Devin borrowed $1,058 at 13 percent for nine months.
We have to calculate the interest paid.
Interest =
Substituting the values of
Principal = $1058
Rate = 13%
Time = 9 months = year
Interest =
Interest = 103.155
= 103.16
So, Devin will pay 103.16 as the interest.
Therefore, Option A is the correct answer.
Answer:
The monthly payment will be $531.12
Step-by-step explanation:
Consider the provided information.
After paying $5,000 down payment you need to pay:
$29,000-$5,000=$24,000
APR is 2.99% or APR = 0.299%
Therefore,
n = 48
We can calculate the monthly payment by using the formula:
Where P is the monthly payment, PV is the present value, r is the rate per period and n is the number of period.
Substitute the respective values in the above formula we get,
Hence, the monthly payment will be $531.12