Final answer:
After making a $12 down payment on a $268.26 camera, Mike's remaining balance is $256.26. He pays this balance in 6 equal monthly payments, resulting in a monthly payment of $42.71.
Step-by-step explanation:
Mike Jones made a down payment of $12 on a camera, which cost a total of $268.26, including tax. To calculate his monthly payment, we subtract the down payment from the total cost and then divide the remaining balance by the number of months over which he plans to pay.
Total cost of the camera: $268.26
Down payment: $12.00
Remaining balance: $268.26 - $12.00 = $256.26
He pays the remaining balance in 6 equal monthly payments, so we divide the remaining balance by 6:
Monthly payment: $256.26 / 6 = $42.71
Therefore, Mike's monthly payment for the camera is $42.71.