Suppose you buy an appliance costing $2450 at a store charging 9% add-on interest, you make a down payment of $ 600, and you agree to monthly payments over 4 years.

find the total cost for the appliance plus interest.

$3116

Step-by-step explanation:

First off, we need to find the value of the appliance after the down payment.

$2450 - $600 = $1850

This then makes our principal $1850.

P = $1850

r = 9% or 0.09

t = 4 years

To find the total cost of the appliance plus interest, we need to look for our accrued amount first.

A = P + Prt

A = $1850 + $1850(0.09)(4)

A = $1850 + $666

A = $2516

Now that we know our accrued amount, we then add our down payment to find the total cost.

Total cost = $2516 + $600

Total cost = $3116

send it over

step-by-step explanation: