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The Giordanos buy $8500 worth of furniture for their new home. They pay $3000 down. The store charges 10% add-on interest. The Giorda- nos will pay off the furniture in 30 monthly payments (2.5years).
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19 votes
The Giordanos buy $8500 worth of

furniture for their new home. They pay $3000 down.
The store charges 10% add-on interest. The Giorda-
nos will pay off the furniture in 30 monthly payments
(2.5years). Find the monthly payment.

User Matthieu G
by
8.0k points

1 Answer

12 votes
8500-3000is 5500
So 10% of 5500is 550. (Assuming this is a a one time fee)
So add both together to get the remaining balance to break down into payments
6050 divided by 30=201.67
User TomFuertes
by
8.7k points
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