# solution

Cuthbert buys a big screen TV on Installment for \$950. If he must pay interest using the add-on method at an APR of 16% and he must pay this off with monthly payments for two years, what is the amount of the monthly payment?

Mikhail bought furniture costing \$1685 for his new apartment. To pay for it his bank gave him a 4-year add-on interest loan with a monthly payment of \$48.79. How much interest did Mikhail pay?

In the above problem where Mikhail financed a purchase with an add-on interest loan making monthly payments for 4 years, what simple interest rate was he charged?

Clara is buying a new car, and with a trade-in she must finance \$14500. She is buying from someone who offers to finance her loan with the add-on interest method (which is a very bad deal for the buyer!). If she makes a down payment of \$4000, the annual percent rate is 5.85%, and the loan is to be paid off in 5 years, what is the monthly payment?

In the above problem we had Clara buying a new car, financing \$14500 with a trade – in. The annual percentage rate was 5.85%, and the loan was to be paid off in 5 years. If she wants a monthly payment of \$200, what down payment must she make?

In the above problem, Clara had planned to make a down payment of \$4000 for a five-year add on interest loan. If she makes no down payment and agrees instead to make a monthly payment of \$325 for five years, what simple interest rate is she being charged?

Sergio purchased a big – screen TV for \$1899 and used their in-store financing to pay for it. His payments are \$85.00 per month for three years. The in-store financing method is the add-on interest method. How much interest will Sergio pay over the 3-year term of the loan?

In the above problem Sergio purchased a big – screen TV for \$1899 using in-store financing. His payments are \$85.00 per month for three years and the add-on interest method was used. What simple interest rate was Sergio being charged?

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