Question

Charlotte purchased a pool for $7680 using a six-month deferred payment plan with an interest rate of 20.45%. She did not make any payments during the deferment period. What will Charlotte's monthly payment be if she must pay off the pool within three years after the deferment period?

Answer 1

$7680:100%=$x:120.45%, 100x=7680*120.45, x=(7680*120.45)/100, x=$9250.56
Cost of the pool with interest rate is $9250.56.
3yr*12mo=36mo
$9250.56/36mo=256.96$/mo

Charlotte's monthly payment will be $256.96.