Question

Question Help Find the monthly interest payment in the situation below. Assume that monthly interest rates are 1 of annual interest rates Vic bought a new plasma TV for $1800. He made a down payment of $500 and then financed the balance through the store. Unfortunately, he was unable to make the first monthly payment and now pays 4% interest per month on the balance (while he watches his TV) What is Vic's monthly interest payment? (Round to the nearest dollar as needed) dia Libr Enter your answer in the answer box and then click Check Answer. Clear A All parts showing 047 PM BANG OLU ort sc 40 7

Answer 1

Cost of TV	1800
Less:Down payment	500
Loan	1300
After, he defaulted on 1 month's interest,
given, he has to pay at the rate of 4% per month , henceforth,
he will pay
1300*4%=
52
Vic's monthly $ interest payment= $ 52