Answer:
Joe's monthly payment = $85.69
Step-by-step explanation:
Joe Buys a big screen TV. The price including tax $1,950
Down payment = $200
Amount to be financed = 1950-200 = $1,750
Rate of interest = 16% annual
Period of payment = 24
Formula:
Where, PV=$1,750 , r=0.0133 , n=24
Substitute into formula and solve for P
Monthly Payment = $85.69
Thus, Joe's monthly payment = $85.69