Carl carpenter buys a drill press. the price, including tax, is $725.00. he finances the drill press over 24 months after making a $50 down payment. the true annual interest rate is 14%. what are carl's monthly payments (principal plus interest)? amount of interest to the nearest penny, c = $ . total of payments = amount financed + c = $ . total of payments ÷ number of payments = monthly payment = $

Total payment = $ 773.44

Monthly payment = $ 32.23

Amount of Interest = $ 98.44

Explanation:

Given,

The total price = $725.00,

Down payment =  $ 50,

So, the amount financed = 725 - 50 = $ 675,

Since, true interest formula,

Where,

y = payments per year,

c = total interest paid,

m = amount financed,

n = total number of payment,

Here, y = 12, I = 14% = 0.14, m = $ 675, n = 24,

By substituting the values,

We get,

Thus, amount of interest, c = $ 98.44,

Total of payments = m + c = 675 + 98.44 = $ 773.44,

Also,

= $ 32.23

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