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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

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