OMG I CAN NOT get this !!!!

Purchase price of article = $495

Down payment = $50

Number of payments = 36

True annual interest rate = 18%

Monthly payment amount = $

D. 15.79

The formula is I= 2YC

________
M(N+1)

y = the number of payments made in a year.
m = the amount financed or how much money was loaned.
c = the total amount of interest charges.
n = the number of payments for the whole loan.
I = interest

Here's my solution:

495 - 50 = 445 >> amount financed

Interest = PRT

Interest = 445 * 0.18 * 3

I = 240.30

(240.30 + 445) / 36 = $19.04 >> monthly payments

I have the exact same question but the only answers listed for the multiple choice question are:

A- 12.55
B-14.59
C-14.84
D-15.79

To calculate the monthly payment amount, you can use the formula for calculating loan payments:

Monthly payment = P * (r * (1+r)^n) / ((1+r)^n - 1)

Where:
P = Principal amount (purchase price - down payment)
r = Monthly interest rate (annual interest rate / 12)
n = Number of payments

Let's calculate it step by step!

1. Calculate the Principal amount (P) which is the purchase price minus the down payment.
P = Purchase price - Down payment
P = $495 - $50
P = $445

2. Calculate the monthly interest rate (r) by dividing the annual interest rate by 12 and converting it to a decimal.
r = Annual interest rate / 12
r = 18% / 12
r = 0.18 / 12
r = 0.015

3. Calculate the number of payments (n) which is given as 36.
n = 36

4. Plug the values into the formula:
Monthly payment = P * (r * (1+r)^n) / ((1+r)^n - 1)
Monthly payment = $445 * (0.015 * (1+0.015)^36) / ((1+0.015)^36 - 1)

Now, you can use a calculator or a spreadsheet to evaluate this expression and get the monthly payment amount.