Question
Asked Nov 7, 2019
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Suppose you buy an appliance costing
​$2350
at a store charging
13​%
​add-on interest, you make a down payment of
$ 700
and you agree to monthly payments over
33
years. Find the total amount to be repaid.
The total amount to be repaid is
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Expert Answer

Step 1

Computation of principal amount:

...
P ($2,350-$700)
= $1,650
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P ($2,350-$700) = $1,650

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