A college student in her senior year is considering purchasing anew car. The price of the car is $18,500, the sales tax is 8%, andthe title, license, and registration fee is $450. The dealer has aninnovative financing program for new college graduates that startswith a small monthly payment and the payments will graduallyincrease. The dealer offered to finance 90% of the price of the carfor 48 months at a nominal interest rate of 0.75% per month. Thefirst payment is $200 and each successive payment will increase bya constant dollar amount ‘x.’
A) How much is the constant amount “x”?
B) How much is the 48th payment?
*Show your work.
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