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24 July, 14:17

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 = $

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  1. 24 July, 15:10
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    (0.14*625*25) : (2*12) = 91.15

    625+91.15=716.15

    716.15:24=29.84
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