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The Giordanos buy ​$8500 worth of furniture for their new home. They pay ​$1000 down. The...

The Giordanos buy ​$8500 worth of furniture for their new home. They pay ​$1000 down. The store charges 8​% ​add-on interest. The Giordanos will pay off the furniture in 30 monthly payments ​(2 and one half ​years). Find the monthly payment. The monthly payment is ​$ -------

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Answer #1

Given,

Price of furniture = $8500

Down payment = $1000

Interest rate = 8%

Number of payments (n) = 30

Solution :-

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