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Romashka-Z-Leto [24]
3 years ago
14

Sue Stitch buys a sewing machine. The price, including tax, is $575.00. She finances the sewing machine over 24 months after mak

ing a $25 down payment. The true annual interest rate is 15%. What are Sue's monthly payments (principal plus interest)?
To the nearest penny, c = $

Total of payments = amount financed + c = $

Total of payments ÷ number of payments = monthly payment = $
Mathematics
2 answers:
ikadub [295]3 years ago
5 0
Hi there!

To the nearest penny, c = $85.94.

Total of payments = amount financed + c = $635.94.

Total of payments ÷ number of payments = monthly payment = $26.50

Your friend, ASIAX
Step2247 [10]3 years ago
3 0

Answer:

c = $85.94

Total payment = $635.94

Total payment ÷ Number of payment = $26.5.

Step-by-step explanation:

We are given that,

The tax on the machine = $575 with down payment = $25. Also, the rate of interest = 15% i.e. 0.15 and time period = 24 months.

Now, the principal amount = tax - down payment = $575 - $25 = $550.

Then, the monthly payment by the annuity formula is given by,

c=\frac{r \times PV}{1-(1+r)^{-n} }

i.e. c=\frac{0.15 \times 550}{1-(1+0.15)^{-24} }

i.e. c=\frac{82.5}{1-(1.15)^{-24} }

i.e. c=\frac{82.5}{1-0.035 }

i.e. c=\frac{82.5}{0.965}

i.e. c=85.94

Hence, c = $85.94

Thus, total payment = amount financed + c = $550 + $85.94 = $635.94.

So, Total payment ÷ Number of payment = \frac{635.94}{24} = $26.5.

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