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What will the last payment be to pay off a $1,250 computer plus 8% sales tax with monthly payments of $120?

Question

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Solution

Step 1: Calculate the total cost of the computer including sales tax.

The sales tax is 8% of the cost of the computer. So, we calculate 8% of $1,250:

0.08 * 1,250=1,250 = 100

So, the total cost of the computer including sales tax is 1,250+1,250 + 100 = $1,350.

Step 2: Determine how many full payments of $120 can be made.

To do this, we divide the total cost by the monthly payment amount:

1,350/1,350 / 120 = 11.25

Since you can't make a quarter of a payment, you'll make 11 full payments of $120.

Step 3: Calculate the amount of the last payment.

To do this, we subtract the amount already paid through the 11 full payments from the total cost:

1,350(111,350 - (11 * 120) = 1,3501,350 - 1,320 = $30

So, the last payment to pay off the computer will be $30.

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