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 = $ .

$36

Step-by-step explanation:

The price of the drill press= $725

Down payment = $50

So, principal amount = $725-$50 =$675

He finances the drill press over 24 months

Time = 24 months = 2 years

No. of payments = 24

Rate of interest = 14 % = 0.14

Where time must be in years

So,

Now we are given that Total of payments = amount financed + c

Total of payments = 675+189 =$864

Monthly payment = Total of payments ÷ number of payments

So,Monthly payment = 864÷24

Monthly payment = $36 = 3600 pennies (1 dollar = 100 pennies).

Hence the Carl's monthly payments is $36

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