You decide to finance a laptop. What will your monthly payments be if you finance $2500...
You decide to finance a laptop. What will your monthly payments be if you finance $2500 at 7% for 3 years? What will the acquiaition be?
Homework Answers
Solution :-
Annual rate = 7%
So monthly rate = 7%/12 = 0.5833%
Payment in a year = 12
No. Of years = 3
Therefore total payments = 12*3 = 36 payments
Principal amount of laptop = $2500
Therefore monthly payments = $2500 / PVAF(0.5833%, 36)
= $2500/32.3865 = $77.192
Acquiation = $77.192*36 - $2500 = $278.936
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