A $2,400 purchase is repaid in 12 equal monthly installments, with $288 of interest added over the term. What is each monthly payment?

Correct answer to question 198 (Arithmetic Reasoning): $224

Method

The buyer repays the price plus the interest, totaling 2,400 + 288 = $2,688. Spread over 12 months that is 2,688 divided by 12, or $224 each month.