Question

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.

Answer 1

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