Answer:
Here's the answer
Step-by-step explanation:
To calculate the monthly payment for the loan, you can use the formula for loan payments:
\[ \text{Monthly Payment} = \frac{(\text{Purchase Price} - \text{Down Payment} + \text{Finance Charge})}{\text{Number of Monthly Payments}} \]
Given:
- Purchase Price = $3200
- Down Payment = $230
- Finance Charge = $800
- Number of Monthly Payments = 24
Let's substitute these values into the formula:
\[ \text{Monthly Payment} = \frac{(\$3200 - \$230 + \$800)}{24} \]
\[ \text{Monthly Payment} = \frac{\$3770}{24} \]
\[ \text{Monthly Payment} = \$157.08 \]
Therefore, the monthly payment for the loan is $157.08.
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