7. Jie purchased a computer priced at $1423.42, financing it by paying $68.62 on the date of purchase, and signing a contract to pay equal monthly payments over the next eighteen months. If the terms of the contract state that interest is calculated at 9.2% compounded monthly, how much does Jie have to pay at the end of each month? Jie must make payments of $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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7. Jie purchased a computer priced at $1423.42, financing it by paying $68.62 on the date of purchase, and signing a contract

EXPERT ANSWER

Total Purchase cost = $1423.42 Downpayment = $68.62 Total Loan Amount = $1423.42-$68.62 = $1354.8 Interest = 9.2% 9.2. 9.2 %