SOLUTION: Carl purchased a $286 car stereo at Worst Buy. He paid $16 at the time of purchase and agreed to pay the balance in 12 equal monthly payments. The finance charge was 12% simple i

SOLUTION: Carl purchased a $286 car stereo at Worst Buy. He paid $16 at the time of purchase and agreed to pay the balance in 12 equal monthly payments. The finance charge was 12% simple i

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Question 1148791: Carl purchased a $286 car stereo at Worst Buy. He paid $16 at the time of purchase and agreed to pay the balance in 12 equal monthly payments. The finance charge was 12% simple interest. What was the
amount of each payment?

Answer by Natalie barton(1) (Show Source): You can put this solution on YOUR website!
Initial value:
$286-$16(paid at purchase)=$270
$270 X .12 (the 12% interest)=$32.40
$270+$32.40=$302.40
$302.40/12(months)=$25.50
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