Martin wants to buy a new bedroom set that costs $1,829 including tax. Unfortunately, he doesn’t have $1,829, so he secures a 2-year loan from the furniture store at 11% interest to be repaid in 24 equal monthly installments. Find the monthly payment.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Martin wants to buy a new bedroom set that costs $1,829 including tax. Unfortunately, he doesn’t have $1,829, so he secures a 2-year loan from the furniture store at 11% interest to be repaid in 24 equal monthly installments. Find the monthly payment.
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