Given
$4,500 to purchase tools
4 year fixed
5.5%
First, converting R percent to r a decimal
r = R/100 = 5.5%/100 = 0.055 per year.
Solving our equation:
A = 4500(1 + (0.055 × 4)) = 5490
A = $5,490.00
Answer:
A = $5,490.00
I = A - P = $990.00
A. Monthly Payment
A/(4*12) = 5490/48 = $114.375
B. Total pay
A = $5,490.00
C. Interest
I = A - P = $990.00