evin bought a washer and dryer for $1050 but only had a down payment of $150.00. He financed the rest using add-on interest of 9.8% and will pay it off in 18 months. Submit your answer in the form $250.00 (use the dollar sign and round to the nearest cent). How much interest will he pay on the dishwasher after the 18 months?Blank 1 After factoring in the interest, how much will he pay for the dishwasher in total?Blank 2 What would the monthly payment be?Blank 3
evin bought a washer and dryer for $1050 but only had a down payment of $150.00. He financed the rest using add-on interest of 9.8% and will pay it off in 18 months. Submit your answer in the form $250.00 (use the dollar sign and round to the nearest cent). How much interest will he pay on the dishwasher after the 18 months?Blank 1 After factoring in the interest, how much will he pay for the dishwasher in total?Blank 2 What would the monthly payment be?Blank 3
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 15E
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Question
Kevin bought a washer and dryer for $1050 but only had a down payment of $150.00. He financed the rest using add-on interest of 9.8% and will pay it off in 18 months.
Submit your answer in the form $250.00 (use the dollar sign and round to the nearest cent).
How much interest will he pay on the dishwasher after the 18 months?Blank 1
After factoring in the interest, how much will he pay for the dishwasher in total?Blank 2
What would the monthly payment be?Blank 3
Expert Solution
Step 1
In add on method we simply add interest for given period and add to that with principal amount.
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