The Kirkland family is buying a new living room set that costs $1,495. They are going to put a down payment of $400 and then put the rest on

their credit card that has an annual interest rate of 28%. If they pay off

the furniture in 1 year, how much interest would they pay?

Explanation:

The down payment is $400, so that means they must pay back 1495-400 = 1095 dollars. Let L = 1095 be the amount loaned

The annual interest rate is 28% which means r = 0.28; the monthly interest rate is i = r/12 = 0.28/12 = 0.02333 approximately

There are 12 months in a year, so n = 12 is the number of payment periods

In summary so far, we have

Those values will be plugged into the monthly payment formula below

M = L*( i*(1+i)^n )/( (1+i)^n - 1 )

M = 1095*( 0.02333*(1+0.02333)^12 )/( (1+0.02333)^12 - 1 )

M = 105.671914631108

M = 105.67

The monthly payment is $105.67

If they have a monthly payment of $105.67, and they pay that for 12 months, then 12*105.67 = 1,268.04 dollars is the amount of money they pay back to the credit card company.

The total amount of interest would be 1,268.04 - 1,095 = 173.04 dollars

Side note: the formula is a complicated ugly mess, so it's understandable to use calculators that already have the formula built in. Many websites offer free calculators that do this.

no, the equation would be invalid since they are both not equal.

step-by-step explanation:

here you got

4y-6+4y 2-9

first, you would simplify the equation on the form.

4y-6+4y 2-9

then, move all the terms that contains a y to the left and all the other terms to the right.

+4y-4y+-9-6

finally, you will simplify the left and the right side of the equation.

y=-3

hello i am doing good for you that it's summer in your country or state ; )

btw in my country we just have sun and rain as (because i live in the caribbean lol)

also, thx a lot for the points : )