landon wallin is an auto mechanic who wishes to start his own business. he will need $3800 to purchase tools…

landon wallin is an auto mechanic who wishes to start his own business. he will need $3800 to purchase tools and equipment. landon decides to finance the purchase with a 36 - month fixed installment loan with an apr of 5%.\na) determine landons finance charge.\nb) determine landons monthly payment.\nclick the icon to view the partial apr table.\na) landons finance charge is $.\n(round to the nearest cent as needed.)\nb) landons monthly payment is $.\n(round to the nearest cent as needed.)

landon wallin is an auto mechanic who wishes to start his own business. he will need $3800 to purchase tools and equipment. landon decides to finance the purchase with a 36 - month fixed installment loan with an apr of 5%.\na) determine landons finance charge.\nb) determine landons monthly payment.\nclick the icon to view the partial apr table.\na) landons finance charge is $.\n(round to the nearest cent as needed.)\nb) landons monthly payment is $.\n(round to the nearest cent as needed.)

Answer

Explanation:

Step1: Calcular el interés total (cargo financiero)

Usamos la fórmula para el interés simple $I = Prt$. El préstamo $P=$3800$, la tasa anual $r = 0.05$ y el tiempo $t=\frac{36}{12}=3$ años. $I=Prt=3800\times0.05\times3$

Step2: Calcular el cargo financiero

$I = 3800\times0.05\times3= 570$

Step3: Calcular el monto total a pagar

El monto total $A=P + I=3800 + 570=4370$

Step4: Calcular el pago mensual

El número de pagos $n = 36$. El pago mensual $M=\frac{A}{n}=\frac{4370}{36}$

Answer:

a) $570.00$ b) $\frac{4370}{36}\approx121.39$