Purchase cost from deposit and repayments
The cash price of a sewing machine is $2,169. A purchase plan has a 10% deposit, followed by 36 equal monthly repayments of $66 over 3 years. The deposit is a percentage of the cash price. Assume no other fees or charges. Use 12 repayments per model year; actual calendar schedules may differ. Let C be cash price, D deposit, m one repayment, n repayment count, S total instalments, T total paid and I interest, with money in dollars