Use the equation below and choose the correct answers for c, the total of the payments, and the monthly payment.

Carl Carpenter buys a drill press. The price, including tax, is $675.00. He finances the drill press over 24 months after making a $50 down payment. The true annual interest rate is 14%. What are Carl's monthly payments (principal plus interest) ?

amount of intrest to the nearest penny c = $

total of payments = amount financed + c=$

total of payments / number of payments = monthly payment = $

Question

Mathematics

Matey

1 September, 00:52

Use the equation below and choose the correct answers for c, the total of the payments, and the monthly payment.

Carl Carpenter buys a drill press. The price, including tax, is $675.00. He finances the drill press over 24 months after making a $50 down payment. The true annual interest rate is 14%. What are Carl's monthly payments (principal plus interest) ?

amount of intrest to the nearest penny c = $

total of payments = amount financed + c=$

total of payments / number of payments = monthly payment = $

+4

Answers (1)

Know the Answer?

Kaylie · Answer 1

We are given with"

First cost = $675.00

Downpayment = $50

Payment time length = 24 months

Annual interest rate = 14 %

We solve this using:

A = (675 - 50) (0.14/12 (1 + 0.14/12) ^24) / ((1 + 0.14/12) ^24 - 1)

A = $30