It is your birthday and you are going to get a new cellphone. The day you buy the phone, you will have to pay the $49 interest fee and a $200 down payment. The remaining balance of the phone will be paid off in 24 equal payments. The total bill is $980, including the interest fee and down payment. Write an equation to solve for p, the required monthly payment. What will be the cost of your monthly payments for the new cellphone?
To solve for the required monthly payment, we will subtract the down payment and interest fee from the total bill, and then divide the remaining balance by the number of payments.
The remaining balance after subtracting the down payment and interest fee is $980 - $200 - $49 = $731.
The number of payments is 24.
Therefore, the monthly payment (p) can be calculated by dividing the remaining balance by the number of payments:
p = $731 / 24
The cost of your monthly payments for the new cellphone will be $731 / 24, which is approximately $30.46.