Question

Yolanda buys a computer on credit through 18 advance monthly payments of $ 1110 each, except for numerous payments 7 and 13 in which, instead of making the normal payment of $ 1110, she will make a payment of $ 2,500. If the interest rate equals 23% capitalizable each month, find the cash price of the computer. Also, get the interest paid for the financing.

Answer 1

If the interest rate equals 23% capitalizable each month, find the cash price of the computer.
=1110/(23%/12)*(1-1/(1+23%/12)^18)*(1+23%/12)+1290/(1+23%/12)^6+1290/(1+23%/12)^12
=19263.33087

Also, get the interest paid for the financing.
=1110*18+1290+1290-19263.33087
=3296.66913