Asked Nov 27, 2018

If I purchased an appliance for $2500 , paid $800 as a down payment and financed the remainder over 3 years, at 11% interest (with add-on), What is the total amount paid for the appliance


Expert Answer

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Given that loan is of 'add-on interest' type

Add on interest = Principal *Rate of interest annualy*duration in year

In our case principal = price of appliance - downpayment paid = 2500-800=$1700

Rate of interest per annum = 11%

duartion of loan = 3 years

on substituting t...

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