mstnr6g498 mstnr6g498

27-04-2022
Mathematics

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Landon Wallin is an auto mechanic who wishes to start his own business. He will need $4100 to purchase tools and equipment. Landon decides to finance the purchase with a 60-month fixed installment loan with an APR of 6%.
a) Determine Landon's finance charge.
b) Determine Landon's monthly payment.

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TheMansTired5 TheMansTired5

27-04-2022

Answer:

a.$1230

b.$20.50

Step-by-step explanation:

Assuming Landon only makes the minimum payments for the sixty months this is how you would find it

Multiply loan by percentage over the five years: 4100 x .3 = 1230

Then divide that amount by months paid: 1230/60= 20.5

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