Pregunta
Find the monthly interest payment in the situation below. Vic bought a new plasma TV for \( \$ 2300 \). He made a down payment of \( \$ 600 \) and then financed the balance through the store. Unfortunately, he was unable to make the first monthly payment and now pays \( 4 \% \) interest per month on the balance (while he watches his TV). What is Vic's monthly interest payment? \( \$ \square \) (Round to the nearest dollar as needed.)
Ask by Schmidt Guerrero. in the United States
Feb 26,2025
Solución de inteligencia artificial de Upstudy
Respuesta verificada por el tutor
Responder
Vic's monthly interest payment is \$68.
Solución
Vic financed the amount of 2300 - 600 = 1700 dollars. With an interest rate of 4% per month, his monthly interest accrual is 0.04 × 1700, which equals 68 dollars.
Rounded to the nearest dollar, Vic's monthly interest payment is $68.
Respondido por UpStudy AI y revisado por un tutor profesional
Como
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The Deep Dive
First, let's calculate the balance that Vic financed after his down payment. The total price of the TV is \( \$ 2300 \), and he made a down payment of \( \$ 600 \), leaving him with a financed balance of \( \$ 2300 - \$ 600 = \$ 1700 \). Now, with an interest rate of \( 4\% \) per month, the monthly interest payment would be calculated as follows: \[ \text{Monthly Interest Payment} = \text{Financed Balance} \times \text{Interest Rate} = \$ 1700 \times 0.04 = \$ 68 \] Therefore, Vic's monthly interest payment is \( \$ 68 \).
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