Question

help please,...The purchase price of a new big-screen TV, including finance charges, was $3276. A down payment of $450 was made. The
remainder was paid in 24 equal monthly installments. Find the monthly
payment.

Answer 1

Out of the cost of $3,276, you already paid off $450 of it, so $3,276 - $450 = $2,826 Which means you have $2,826 left over to pay off. If you make the same payment each month for 24 months, you have to divide up the total cost you have left to pay off into 24 payments, do you divide: \[$2,826 \div 24 = $117.75\]
Which means you pay $117.75 every month for 24 months to fully pay off the rest of the payment