Question

Neemaboughtappliancescosting$3745atastorecharging5%add-oninterest.Semadean$800downpaymentandagreedtomonthlypaymentsover3years.Findthetotalamounttoberepaid.

Answer 1

A = $3386.75

Step-by-step explanation:

To calculate the interest we can use the following equation:

`I=P\cdot r\cdot t`

Where P is the initial amount, r is the rate and t is the number of years.

So, to find the principal, we need to subtract the down payment from the initial cost:

P = $3745 - $800

P = $2,945

Then, the total amount to be repaid will be the principal plus the interest.

Now, we can calculate the interest replacing P by 2945, r by 5%, and t by 3 years. So:

`\begin{gathered} I=2945\cdot0.05\cdot3 \\ I=441.75 \end{gathered}`

Therefore, the total amount to be repaid will be:

A = $2945 + $441.75

A = $3386.75