After moving into their new house, the Billington family purchased new kitchen appliances at a cost of...
- They paid $497.88 in interest.
- They paid $953.16 in interest.
- They paid $5,102.16 in interest.
- They paid $1,219.55 in interest.
Loan Amount: $4,149
Annual Interest Rate: 12%
Loan Duration: 42 months
Monthly Interest Rate: var annualRate = 12 / 100; var monthlyRate = annualRate / 12; document.write((monthlyRate * 100).toFixed(2) + "%");
Monthly Payment Calculation:
Using the formula for monthly payments:
M = P[r(1 + r)^n] / [(1 + r)^n - 1], where:
Calculation:
var P = 4149; var r = annualRate / 12; var n = 42; var M = (P * (r * Math.pow((1 + r), n))) / (Math.pow((1 + r), n) - 1); document.write("Monthly Payment: $" + M.toFixed(2));Total Payment Over 42 Months: var totalPayments = M * n; document.write("Total Payment: $" + totalPayments.toFixed(2));
Total Interest Paid: var totalInterest = totalPayments - P; document.write("Total Interest Paid: $" + totalInterest.toFixed(2));
Final Interest Amount: They paid $1,219.55 in interest.
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