Question

An entertainment center is financed at a total cost of $2,373.23 including a down payment of $250. If the center is financed over 24 months, find the monthly payment. The monthly payment is $ (Round to the nearest cent as needed.)

Answer 1

Answer: To find the monthly payment for financing an entertainment center, we need to subtract the down payment from the total cost and divide by the number of months in the financing period. Let's apply this formula:Total amount financed = Total cost - Down paymentTotal amount financed = $2,373.23 - $250Total amount financed = $2,123.23Monthly payment = Total amount financed / Number of monthsMonthly payment = $2,123.23 / 24Monthly payment = $88.47Therefore, the monthly payment for financing the entertainment center is $88.47 (rounded to the nearest cent).

Explanation: