You decide to buy a new stereo system for 4500 and agree to, Finance Basics

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You decide to buy a new stereo system for 4500 and agree to

Question: You decide to buy a new stereo system for $4500 and agree to pay for it in 48 equal monthly payments at 18% annual interest compounded monthly. How much are your monthly payments? How much is the total interest that you pay on the loan? Round your answer to the nearest penny. Show the formula that you are going to use, and show the setup of the problem. Monthly Payments ________________ Total Interest Paid _________________

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Finance Basics: You decide to buy a new stereo system for 4500 and agree to

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