Question

Find the monthly interest payment in the situation below.Vic bought a new plasma TV for $2400. He made a down payment of $100 and then financed the balance through the store. Unfortunately, he was unable to make the first monthly payment and now pays 4% interest per month on the balance (while he watches his TV).What is Vic's monthly interest payment? $  enter your response here (Round to the nearest dollar as needed.)

Answer 1

Given:

Vic bought a new plasma TV for ​$2400.

He made a down payment of ​$100 and then financed the balance through the store.​

The interest per month is 4% on the balance.

To find:

Vic's monthly interest​ payment.

Step-by-step explanation:

The cost of a plasma Tv is $2400.

The down payment made is $100.

Balance amount for financing is $2400 - $100 = $2,300.

Since the interest rate is 4% per month

So, the monthly interest payments will be,

`2300*(4)/(100)=92`

The monthly interest payments will be $92.

Final answer:

The monthly interest payments will be $92.