Question

Use the equation below and choose the correct answers for c, the total of the payments, and the monthly payment. Carl Carpenter buys a drill press. The price, including tax, is $725.00. He finances the drill press over 24 months after making a $50 down payment. The true annual interest rate is 14%. What are Carl's monthly payments (principal plus interest)? Amount of Interest to the nearest penny, c = $ . Total of payments = amount financed + c = $ . Total of payments ÷ number of payments = monthly payment = $

Answer 1

(0.14×675×52)÷(2×12)=204.75
675+204.75==879.75
879.75/24==36.65