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Entered Answer Preview Result 27.35 27.35 incorrect incorrect At least one of the answers above is NOT correct. 1 of the questions remains unanswered (1 point) Sheds R Us sells $900 sheds on a monthly payment plan over 3 years. a) If the interest rate is 3% per month, find the monthly payment. Answer S 27.35 b) If instead the interest rate is 3.25% per month, find the monthly payment Answer-$

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Answer #1

a)

Monthly payment Here, 1 Interest rate per annumm 2 Number of years 1+3 Interest rate per period ( 2x3 Number of periods (n) 12 0.25% 36 lexai anouri) Monthly payment 26.17 (900x0.25%x(1+0.25%)136)-((1+0.25%)136-1)

b)

Monthly payment Here, 1 Interest rate per annum 2 Number of years 3 Number of compoundings per per annum 3.25% 12 1+3 Interest rate per period (r) 2x3 Number of periods (n) 0.27% 36 lexai anouri) Monthly payment 26.27 (900x0.27%x(1+0.27%)136)-((1+0.27%)136-1)

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