another story problem

Rochelle purchased an wide screen TV that cost $1815.44 with interest included. She paid $350 as a down payment and agreed to pay the remainder in 24 monthly payments. What amount will she be paying per month?


I think I know the answer I just can't seem to write the the formula to match it. my guess is around $60 a month

Quote:

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Originally Posted by Patience

Rochelle purchased an wide screen TV that cost $1815.44 with interest included. She paid $350 as a down payment and agreed to pay the remainder in 24 monthly payments. What amount will she be paying per month?


I think I know the answer I just can't seem to write the the formula to match it. my guess is around $60 a month

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Total cost T=1815.44 dollars,

Down payment D=350 dollars

Total owed = T - D = 1465.44

This is to be paid in M=24 equal repayments P, so:

P=(T-D)/M=1465.44/24=61.06 dollars.

RonL