question archive Caroline takes up an installment loan to finance the purchase of a violin costing $14,750

Caroline takes up an installment loan to finance the purchase of a violin costing $14,750

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Caroline takes up an installment loan to finance the purchase of a violin costing $14,750. For loan requires a 10.625% down payment and equal monthly payments of $355 for 48 months. Calculate the total deferred payment price.

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Answer:

We have 10.625% of $14,750 = 156718.75 / 100 =1567.18.......(1)

Paying 355$ for 48 months amounts to $17,040..........(2)

\therefore (1) + (2) \Rightarrow $18,607.18

The total deferred payment price would be $18,607.18 - $14,750 = $3857.18

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