## Question

###### (Annuity number of periods) You've just bought a new flat-screen TV for $3,600 and the store...

(Annuity number of periods) You've just bought a new flat-screen TV for $3,600 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 11 percent compounded monthly. If you take the financing and make monthly payments of $110, how long will it take to pay off the loan? How much will you pay in interest over the life of the loan? a. The number of years it will take to pay off the loan is years. (Round to one decimal place.) b. The amount you will pay in interest over the life of the loan is $ (Round to the nearest cent.)

## Answers

Cost of TV bought 3600 Interest rate 11% EMI 110 Month 1ParticularsCalculationAnswermonthly Interest formula 3600*(11%/12) 33 Principle repayment part in EMI for month 1 110-33 77 110 Principle outstanding after Month 1 EMI payment 3600-77 3,523 Month 2ParticularsCalculationAnswermonthly Interest formula 3,523*(11%/12) 32 Principle repayment part in EMI for month 1 110-32 78 110 Principle outstanding after Month 2 EMI 3,523-78 3,445 Likewise if we continue the above process for remaining months below table will come S.NoEMIIntPrinceNet Outstanding1 110 33 77 3,523 2 110 32 78 3,445 3 110 32 78 3,367 4 110 31 79 3,288 5 110 30 80 3,208 6 110 29 81 3,127 7 110 29 81 3,046 8 110 28 82 2,964 9 110 27 83 2,881 10 110 26 84 2,797 11 110 26 84 2,713 12 110 25 85 2,628 13 110 24 86 2,542 14 110 23 87 2,455 15 110 23 87 2,368 16 110 22 88 2,280 17 110 21 89 2,190 18 110 20 90 2,101 19 110 19 91 2,010 20 110 18 92 1,918 21 110 18 92 1,826 22 110 17 93 1,733 23 110 16 94 1,638 24 110 15 95 1,543 25 110 14 96 1,448 26 110 13 97 1,351 27 110 12 98 1,253 28 110 11 99 1,155 29 110 11 99 1,055 30 110 10 100 955 31 110 9 101 854 32 110 8 102 752 33 110 7 103 648 34 110 6 104 544 35 110 5 105 439 36 110 4 106 333 37 110 3 107 226 38 110 2 108 119 39 110 1 109 10 700 3,590 Total Interest Paid700No of years39/12 3.25

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