Question

Asked Apr 9, 2019

You want to buy a motorcycle for $13,500 plus freight of $155 and other delivery charges of $125. You have already saved 25% of the total purchase price (including all charges) towards a down payment. The bank is willing to finance the remaining balance at 9.41% compounded quarterly. What is the size of your monthly payment if the loan is for 4.75 years?

Step 1

We have been given that the total cost of the motercycle is $13,500 plus freight of $155 and other delivery charges of $125.

Thus, the total cost would be 13,500+155+125 = $13,780

Step 2

We know that 25% of the total of this purchase is being downpaid. So, the amount that needs to be loaned would be

Step 3

Now, we are given that this amount of $10,335 is being financed by the bank at 9.41% compounded quarterly.

We need to find the size of...

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