Question

Need someone who’s really good at math to help me please!! Suppose you buy 3500 worth of furniture for a new house. The furniture store is offering a fixed installment loan with three year financing with no money down at 11.96% annual interest. What is the monthly payment? Round to nearest cent.

Answer 1

monthly payment $132.11

Explanation:

Interest = Principal x Rate x Time

I = 3500(.1196)(3)

I = 1255.80

Amount = Principal + Interest

A = 3500 + 1255.80

A = 4755.80

Monthly payment = 4755.80 / 36 months = $132.11 monthly