Vic bought a new plasma TV for ​$2400. He made a down payment of ​$200 and then financed the balance through the store.​ Unfortunately, he w

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Vic bought a new plasma TV for ​$2400. He made a down payment of ​$200 and then financed the balance through the store.​ Unfortunately, he was unable to make the first monthly payment and now pays 6​% interest per month on the balance​ (while he watches his​ TV).

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Yến Oanh 4 years 2021-08-09T19:44:31+00:00 1 Answers 92 views 0

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    2021-08-09T19:45:56+00:00

    This question is incomplete, the complete question is;

    Vic bought a new plasma TV for ​$2400. He made a down payment of ​$200 and then financed the balance through the store.​ Unfortunately, he was unable to make the first monthly payment and now pays 6​% interest per month on the balance​ (while he watches his​ TV).

    What is Vic’s Monthly interest payment ( Assume interest rates are 1/12 of annual interest rates)

    Answer: Vic’s Monthly interest payment is $132

    Step-by-step explanation:

    Given that;

    Purchase cost of plasma Tv = $2400

    down payment made = $200

    so,

    Balance financing from store = $2400 – $200 = $2,200

    also given that Interest rate is 6% per month6

    Now Monthly interest payment will be;

    ⇒ financing amount × interest rate

    ⇒ 2200 × (6/100) = 132

    Therefore, Vic’s Monthly interest payment is $132

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