Joe football buys a big screen tv. the price, including tax, amounts to $1,950.00. joe finances the tv over 24 months after making a $200 down payment. the true annual interest rate is 16%. what are joe's monthly payments (principal plus interest)?

Joe's monthly payment = $85.69

Step-by-step explanation:

Joe Buys a big screen TV. The price including tax $1,950

Down payment = $200

Amount to be financed = 1950-200 = $1,750

Rate of interest = 16% annual

Period of payment = 24

Formula:

Where, PV=$1,750 , r=0.0133 , n=24

Substitute into formula and solve for P

Monthly Payment = $85.69

Thus, Joe's monthly payment = $85.69

c.

step-by-step explanation:

m=-16

step-by-step explanation: