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3 January, 21:13

Martin dennis brought a wide screen television for $1720. He made a down payment of 15% and paid the balance over 18 months. The fiance charge was 4% of the amount financed. Find the down payment and the installment price of the televison and the monthly payment

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  1. 3 January, 23:16
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    Down payment is $258

    Installment price is $1766.22

    monthly payment is $83.79

    Step-by-step explanation:

    Down payment is 15% of $1,720 which is $258 (15%*$1720)

    Monthly payment can be computed using pmt formula in excel

    =pmt (rate, nper,-pv, fv)

    rate is the interest rate per month which 4%/12=0.33%

    nper is the number of months of payments that is 18

    pv is the finance amount which is the price minus down payment i. e $1462 * ($1720-$258)

    fv is the total finance amount plus interest which is unknown i. e 0

    =pmt (0.33%,18,-1462,0) = $ 83.79

    installment price = down payment + total repayment

    =$258 + ($83.79*18) = $1766.22
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