Need help for personal finance class home work?
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here is the question lloyd and linda want to remodel the dining room in there house. The estimated cost for the job is $6,890. They pay 30% of the cost up front and finance the rest at 12% interest for 48 months. What is the down payment? What is the amount financed? What is the monthly payment? What is the finance charge?
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Answer:
The 30% is the down payment. .30 x $6890 = ? Amount financed is 100% minus 30% = 70% .70 x $6890 = ? Finance charge is 12% per year .12 x the financed amount is what? then times 4 years is what? Divide that by 48 that is the monthly financed payment for interest. So you also must add on the amount financed and divide by 48, then add that to the monthly interest.
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