Question

Carl Carpenter buys a drill press. The price, including tax, is $675.00. 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

(0.14×625×25)÷(2×12)
=91.15

91.15+625
=716.15

716.15÷24
=29.8