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Don and Linda would like to replace the hardwood flooring in their dining room. The flooring sells for $15.75 a square foot installed. The room size is 15 feet wide by 22 feet long. They can make a 20% down payment but will need to finance the rest at 12% for 42 months

a. What is the down payment?
b. What is the amount financed?
c. What is the monthly payment?
d. What is the total finance charge?

Respuesta :

semsee45

Answer:

a)  Down payment = $1039.50

b) Amount financed = $4158

c) Monthly payment =  $121.73

d) Total finance charge = $5112.66

Step-by-step explanation:

Area of rectangle = width × length

⇒ area of room = 15 × 22 = 330 ft²

Given:

  • cost of flooring = $15.75 per ft²

⇒ Total cost of flooring = area × cost = 330 × 15.75 = $5197.50

a)  Down payment = 20% of $5197.50

                              = 0.2 × 5197.50

                              = $1039.50

b) Amount financed = total cost - down payment

                                 = 5197.50 - 1039.50

                                 = $4158

c) Monthly payment = [tex]\dfrac{4158 \cdot \frac{0.12}{12}(1+\frac{0.12}{12})^{42}}{(1+\frac{0.12}{12})^{42}-1}[/tex]=  $121.73

d) Total finance charge = monthly payment × number of months

                                       = 121.73 × 42

                                       = $5112.66