Question

A new heating and aip constitioner will cost the Benguin fomily $4122,theymake a down payment of 20 percent and finance the remaining amount theyObtain an instaliment loan for 36 months at an APR of 9%A What is the down payment?B What is the amount of the loan?

Answer 1

The cost of the new heating and air conditioner equipment is:

A = $4122

They make a down payment of 20%

A. The down payment is:

`\begin{gathered} DP=\$4122*(20)/(100) \\ \\ DP=\$824.40 \end{gathered}`

B The amount of the loan is the remaining amount after paying the down payment:

L = $4122 - $824.40

L = $3297.60