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Find the amount of interest and the monthly payment for the loan described. Purchase of a living room set for $7,200 at 12% add-on interest for 3 years interest monthly payment tA $ $

Find the amount of interest and the monthly payment for the loan described. Purchase of a living room set for $7,200 at 12% add-on interest for 3 years interest monthly payment tA $ $

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Find the amount of interest and the monthly payment for the loan described. Purchase of a living room set for $7,200 at 12% add-on interest for 3 years interest monthly payment $ $
Transcribed Image Text:Find the amount of interest and the monthly payment for the loan described. Purchase of a living room set for $7,200 at 12% add-on interest for 3 years interest monthly payment $ $
Expert Solution
Step 1

The given value is,

Principal(P)=$7200,Rate(r)=12%,Time(t)=3years.

Interest is defined as the price that you pay to borrow money or the cost you change to lend the money.

Interest can be is obtained by the formula by putting P, R, and T in the formula :

The interest formula is,

I=PRT100.

R-interest rate, P-principal, and T-time.

The monthly payment is obtained by the formula by putting A, N in the formula:

The monthly payment formula is,

m=AN.

 where A is the amount and N is the number of payments.

The amount is calculated by the formula:

A=I+P.

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