Please help!! With step by step

Gary has decided to buy a new flat screen TV system for $4,700 and agreed to make monthly payments
for three years at 7% compounded monthly. How much is each payment? How much will he pay in
cumulative interest?

Step-by-step explanation:

Compound Interest

This is a well-know problem were we want to calculate the regular payment R needed to pay a principal P in n periods with a known rate of interest i.

The present value PV or the principal can be calculated with

Solving for R

Where Fa is computed by

We'll use the provided values but we need to convert them first to monthly payments

Thus, each payment is

answer: evaluate the objective function at each vertex to determine which - and -values, if any, maximize or minimize the function. example: find the minimum value and maximum value of the objective function f ( x , y ) = 4 x + 5 y , subject to the following constraints