Final answer:
To calculate the monthly payment (p) for the cell phone, subtract the initial payments from the total cost and divide the remaining balance by the number of monthly payments. With a $980 total cost, subtracting the $49 interest fee and $200 down payment leaves $731 to be paid in 24 equal payments, resulting in a monthly payment of approximately $30.46.
Step-by-step explanation:
The question is asking to solve for the monthly payment amount, p, for the cell phone after the initial payments have been made. The total cost of the phone is $980, which includes a $49 interest fee and a $200 down payment. This means the remaining balance to be paid in monthly installments is $980 - $49 - $200 = $731. With the remaining balance being paid off in 24 equal monthly payments, we can calculate the monthly payment amount as follows:
Monthly Payment (p) = Remaining Balance / Number of Payments
p = $731 / 24
p = $30.46
Therefore, the monthly payment that needs to be made to pay off the remaining balance of the phone is approximately $30.46.