Answered

Looking for answers? Westonci.ca is your go-to Q&A platform, offering quick, trustworthy responses from a community of experts. Connect with professionals ready to provide precise answers to your questions on our comprehensive Q&A platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

Ingrid Nilsen purchased a $4,000 hydroponic system for her garden. The down payment is 20%, and the
installment loan has an APR of 10% for 36 months. Find the a) down payment, b) amount financed, c) monthly
payment, d) total amount repaid, and e) finance charge.

Sagot :

anthougo

The purchase of the hydroponic system by Ingrid Nilsen for $4,000 with a 20% down payment at 10% APR for 36 months, and the related calculations, are as follows:

a) down payment = $800.00 ($4,000 x 20%)

b) amount financed = $3,200 ($4,000 - $800)

c) monthly payment = $103.25

d) total amount repaid = $4,517

e) finance charge = $517

How is periodic payment computed?

The amount of the periodic payment, finance charge, and total repayment can be computed using an online finance calculator as follows:

Data and Calculations:

Auto Price = $4,000

Loan Term = 36 months

Interest Rate = 10%

Down Payment = $800 ($4,000 x 20%)

Monthly Payment  = $103.25

Total Loan Amount $3,200.00

Upfront Payment = $800.00 ($4,000 x 20%)

Total of 36 Loan Payments = $3,717. ($103.25 x 36)

Total Loan Interest = $517

Total Cost (price, interest, tax, fees) = $4,517

Thus, Ingrid Nilsen repaid a total of $4,517 with $517 in interest (finance charge).

Learn more about periodic payments at https://brainly.com/question/13098072

#SPj1

We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.