If you buy a computer directly from the manufacturer for $ 2 comma 237 and agree to repay it in 60 equal installments at 1.88 % interest per month on the unpaid balance, how much are your monthly payments? How much total interest will be paid?

The monthly payments to be made is $62.50. The total interest that will be paid is $1,513.

Step-by-step explanation:

The formula to compute the monthly payment is:

Here,

A = periodic payment

P = principal amount borrowed

i = periodic interest rate

n = number of periods

The information provided is:

P = $2,237

i = 1.88% = 0.0188

n  = 60

Compute the value of A as follows:

Thus, the monthly payments to be made is $62.50.

The formula to compute the total interest that will be paid is:

Compute the total interest that will be paid as follows:

Thus, the total interest that will be paid is $1,513.

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step-by-step explanation: