Question

What will the last payment be to pay off a $1,250 computer plus 8% sales tax with monthly payments of $120?

Answer 1

Convert 8% too decimal form = 8/100 = .08
1250 * .08 = 100
1250 + 100 = 1350
To find out how many payments of 120 can be made :
120x = 1350
divide both sides by 120
x = 11.25 payments of $120
since .25 is a fraction calculate the actual $ amount by mult. 120 * .25 = $30
The last payment is $30