Landen is an auto mechanic who wishes to start his own business he will need 3900 to purchase tools and equipment Landen decides to finance the purchase with a 36 month next installment loan with the APR of 6% a) determine Landens finance charge be determined b) Landens monthly payment
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.
Landen is an auto mechanic who wishes to start his own business he will need 3900 to purchase tools and equipment Landen decides to finance the purchase with a 36 month next installment loan with the APR of 6% a) determine Landens finance charge be determined b) Landens monthly payment
Given that
PV=annuity formula to calculate the monthly payments of the loan
Where, PV=$ 3900
n=36 month=3 years
I (interest rate) =6 % per annum
Convert per annum into per months
I (interest rate) =6%/12=0.50% per months
PMT=monthly payments.
Use formula,
Substitute the value then
Hence the monthly payments will be $ 118.64.
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