Sue stitch buys a sewing machine. the price, including tax, is $575.00. she finances the sewing machine over 24 months after making 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 = $

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,

i.e.

i.e.

i.e.

i.e.

i.e.

Hence, c = $85.94

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

So, Total payment ÷ Number of payment = = $26.5.

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