Question

Sue Stitch buys a sewing machine. The price, including tax, is $575.00. She finances the sewing machine over 24 months after making a $25 down payment. The true annual interest rate is 15%. What are Sue'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 = $

Answer 1

Hi there!

To the nearest penny, c = $85.94.

Total of payments = amount financed + c = $635.94.

Total of payments ÷ number of payments = monthly payment = $26.50

Your friend, ASIAX

Answer 2

(0.15×550×25)÷(2×12)=85.94
550+85.94=635.94
635.94÷24=26.5