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For the best terms on a loan or credit card, you need a credit score above...

For the best terms on a loan or credit card, you need a credit score above 700. To achieve this, start establishing credit now. Pay all of your bills on time. In addition, use only one-third of your available credit limit and pay off your revolving balance(s) each month. R. J. Johnson has excellent credit. She wants to purchase a piece of equipment for her business and was offered 5% for 48 months for the $48,000 unit.

What is her monthly payment by add-on method? (Round your answer to the nearest cent.)

Monthly Payment-

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