A customer purchase a new computer and a warranty to protect it. The computer cost $1,486.25 and the warranty is $199.00. If the customer would like to pay this over a period of 18 months, how much would each payment be?
Assuming no tax and no finance charge:
(1486.25 + 199) / 18 = _______ per month
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To calculate the equal monthly payments for the computer and warranty over 18 months, we need to add the cost of the computer and the warranty together, and then divide it by the number of months.
First, we add the cost of the computer ($1,486.25) and the warranty ($199.00):
$1,486.25 + $199.00 = $1,685.25
Next, we divide the total cost ($1,685.25) by the number of months (18) to find the equal monthly payments:
$1,685.25 / 18 = $93.62
Therefore, each monthly payment would be $93.62.