I want to know if i have the right thing on these questions i have here.
This one reads:
Mrs. Yang signed a contract with a local furniture company for the purchase of furniture for her new office. The contract requires her to make a downpayment of $3,000.00 and for a monthly payment of $315 per month for the next 3 years. Given that she is charged interest at the rate of %.
a) How much does the furniture cost?
b) Mrs. Yang missed the first 10 payments. Just before her 11th payment is due, she wins the lotto. What must her payment be to pay off the entire debt?
I am getting the answer for a) to be $13,052.22; and b) would be $3582.84 + a balance of $6,469.38 to make a total of $10,052.22.
HOw wrong am i??