Question 3 • 26-27 Ignite Technical Math-Financial Math - MA2007
First add sales tax: $670 × 1.0794 = $723.20, the amount Douglas financed. The monthly interest rate is 0.1105 ÷ 12, and he makes 36 payments. Using the installment-payment formula gives a monthly payment of about $23.69; multiplying by 36 gives a total of about $852.84. So the total he paid, including interest, is $852.84.
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