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
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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
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 the above values in formula on add on interest we get
Add on interest = 1700 * (11/100) * 3 = $561
Total Amount paid for appliance = principal +downpayment + Add on interest = 1700+800+561=$3061
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