Time-share sales provide an opportunity for vacationers to own a resort condo for 1 week (or more) each year forever. The owners may use their week at their own condo or trade the week and vacation elsewhere. Timeshare vacation sales usually require payment in full or financing through the time-share company, and interest rates are usually in the 13% to 18% range. Suppose the cost to buy a 1-week time share in a 3-bedroom condo is $21,100. Also suppose a 8% down payment is required, with the balance financed for 18 years at an annual rate of 13.2%, compounded monthly. Find the monthly payment. Round your answer to the nearest cent.
?
A. $112.74
B. $317.71
C. $153.73
D. $235.72
E. $276.72
Answer: D
Mathematics
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