beefyfaith
Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Connect with professionals on our platform to receive accurate answers to your questions quickly and efficiently. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

Follow the steps above and find c, the total of the payments, and the monthly payment. Choose the right answers.
Joe Football buys a big-screen TV. The price, including tax, amounts to $1,950.00. Joe finances the TV over 24 months
after making a $200 down payment. The true annual Interest rate is 16%. What are Joe's monthly payments (principal
plus Interest)?
To the nearest penny, c = $
Total of payments = amount financed + c = $
Total of payments = number of payments = monthly payment = $

Sagot :

wolf1728

Answer:

You are borrowing $1,950.00 -200.00 =

$1,750.00

Figuring Monthly Payment

rate = 16 / 1,200 = 0.0133333333

Monthly Pmt = {0.0133333333 + [0.0133333333 / (1.0133333333)^24 -1]} * 1,750

Monthly Pmt = {0.0133333333 + [0.0133333333 / (1.3742188234 -1)]} * 1,750

Monthly Pmt = {0.0133333333 + [0.0133333333 / (.3742188234)]} * 1,750

Monthly Pmt = {0.0133333333 + [0.0133333333 / (.3742188234)]} * 1,750

Monthly Pmt = {0.0133333333 + 0.0356297772} * 1,750

Monthly Pmt = 0.0489631105  * 1,750

Monthly Payment = 85.685443375 or 85.69 (rounded)

Total Amount Paid = 24 * 85.69 = 2,056.56 PLUS 200.00 down pmt =

$2,256.56

Source: https://www.1728.org/calcloan.htm  

Step-by-step explanation:

View image wolf1728

Answer:

To the nearest penny, c = $291.67

Total of payments = amount financed + c = $2,041.67

Total of payments ÷ number of payments = monthly payment = $85.07

Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.