Follow the steps above and find c, the total of the payments, and the monthly payment. choose the right answers. jane smart buys a new suv. the price, including tax, is $22,500.00. she finances the vehicle over 60 months after making a $2,000 down payment. the true annual interest rate is 12%. what are jane's monthly payments (principal plus interest)?

Jane's monthly payment is $455.6

Step-by-step explanation:

Given :

The price, including tax, of SUV is $22,500.00.

She finances the vehicle over 60 months after making a $2,000 down payment.

The true annual interest rate is 12%.

To Find : What are Jane's monthly payments

Solution :

Since we are given that he made a down payment of $2000

So, After making the down payment the amount becomes : 22500-2000

                                                                                                  =$20500

Now, Formula of monthly payment :

Monthly payment,  

Discount factor  

Where, Amount = $20500

Rate r= 12%=0.12

Now, substituting all the values we get,

Monthly payment,

Hence , Jane's monthly payment is $455.6

if x = 1, then the answer is 3.5