Jon and Erin are purchasing a new TV and stereo surround system for their living room. The cost of both items is $1675.00. They are purchasing them with an installment loan that has an APR of 12%. The store financing requires a 10% down payment, and 12 monthly payments.

$133.96 per month

Step-by-step explanation:

He makes a Downpayment of 10% of $1675=167.5

it means jon and erin have $1507.5 more to pay

a/{[(1+r)^n]-1}/[r(1+r)^n]=p

p=monthly repayment

a=amount of loan payment(1675*10%=167.5, 1675-167.5=1507.5

n=number of months 12

rate=r(12%, 0.12/number of months)

0.12/12=0.01

(1+0.01)^12-1)/(0.01(1+0.01)^12)

0.1268/0.01(1.1268

0.1268/0.01126

11.25

a/11.25=p

1507.5/11.25=

He pays $133.96 per month

$133.96/month.

Step-by-step explanation:

Already paid 10% that becomes =$1507.5

a/{[(1+r)^n]-1}/[r(1+r)^n]

Apr=12/100÷(12)

Apr=0.01

(1+0.01)^12-1)/(0.01(1+0.01)^12)

11.25

1507.5/11.25

Has to pay this amount monthly $133.96

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step-by-step explanation: