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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 Interest to the nearest penny, c = $ .
Total of payments = amount financed + c = $ .
Total of payments ÷ number of payments = monthly payment = $

User Felker
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2 Answers

5 votes

Answer:

(0.14×625×25)÷(2×12)

=91.15

91.15+625

=716.15

716.15÷24

=29.84

Explanation:

User Anum Sheraz
by
8.4k points
4 votes
(0.14×625×25)÷(2×12)
=91.15

91.15+625
=716.15

716.15÷24
=29.8
User James Davies
by
8.4k points