Vic bought a new plasma TV for $2400. He made a down payment of $200 and then financed the balance through the store. Unfortunately, he was unable to make the first monthly payment and now pays 6% interest per month on the balance (while he watches his TV).

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Vic bought a new plasma TV for $2400. He made a down payment of $200 and then financed the balance through the store. Unfortunately, he was unable to make the first monthly payment and now pays 6% interest per month on the balance (while he watches his TV).

What is Vic's Monthly interest payment ( Assume interest rates are 1/12 of annual interest rates)

Vic's Monthly interest payment is $132

Step-by-step explanation:

Given that;

Purchase cost of plasma Tv = $2400

down payment made = $200

so,

Balance financing from store = $2400 - $200 = $2,200

also given that Interest rate is 6% per month6

Now Monthly interest payment will be;

⇒ financing amount × interest rate

⇒ 2200 × (6/100) = 132

Therefore, Vic's Monthly interest payment is $132

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