A machine is purchased for $ 20,000 The terms are 10% down and and 2% per month on the unpaid balance for 60 months. how much are monthly payments. What annual effective interest rate is being charged

Guest Feb 14, 2020

#1**+3 **

10% of 20,000 is 2000. 20,000-2000 = 18000. 18000/60 = 300. There you go. 300 dollars a month, for 60 months. I don't see anything about interest though...

hugomimihu Feb 14, 2020