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In: Advanced Math

1. Neema bought appliances costing ​$3775 at a store charging 6​% ​add-on interest. She made a...

1. Neema bought appliances costing ​$3775 at a store charging 6​% ​add-on interest. She made a $1000 down payment and agreed to monthly payments over four years. What percent of the original price tag total did the financing​ cost?

The financing cost was _____% of the original price tag total.

2. Use the​ add-on method of calculating interest to find the total interest and the monthly payment of a ​$650 loan for 14 months at 6.1​%.

The total interest is $____

3. How long​ (in years) will it take Michael Garbin to pay off a ​$7000 loan with monthly payments of ​$128.83 if the​ add-on interest rate is 6.1​%?

Michael Garbin would take ____ years to pay off a ​$7000 loan amount.

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Colby Messinger answered 1 year ago
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