Freda frederick purchased furniture with an installment loan that has an apr of 8%. the furniture sells for $3,000. the store financing requires a 10% down payment and 18 monthly payments. what is the monthly payment?

The monthly payment is $158.90.

Step-by-step explanation:

The furniture sells for $3,000.

The store financing requires a 10% down payment.

The down payment is = dollars

Now the balance remains = dollars

We will add 8% in the balance for the APR, that is 5.91% as given in the table.

So, the balance becomes = dollars

As the store needs 18 monthly payments, so per month payment is =

or $158.90

Therefore, the answer is $158.90.

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step-by-step explanation:

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