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Arrowood's Camera Store advertises a Canon Power Shot 3.34-megapixel camera for $400, including taxes. If you...

Arrowood's Camera Store advertises a Canon Power Shot 3.34-megapixel camera for $400, including taxes. If you finance the purchase of this camera for 1 year at an annual percentage rate of 6.7%, find the monthly payment. (Round your answer to the nearest cent.)

Math   Statistics-And-Probability   
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Answer #1

The formula for periofic payment is

PV= 400,    n=12 ( 1 year =12month),  

So,

    

    

    

    

So Monthly payment is $ 34.55

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