Question 5 ( 5 points) Lavina wants to buy a rocking chair for \( \$ 160 \). She'll pay \( 10 \% \) down and pay the rest in six monthly installments. What will be the amount of each monthly payment? A) \( \$ 26 \) B) \( \$ 27 \) C) \( \$ 24 \) D) \( \$ 16 \)

To solve this problem, we need to calculate the down payment and then determine the amount of each monthly installment. First, let's calculate the down payment: Down payment = 10% of the total cost Down payment = 0.10 * $160 Down payment = $16 Now, let's find out how much Lavina will pay in total after the down payment: Total amount to be paid after down payment = Total cost - Down payment Total amount to be paid after down payment = $160 - $16 Total amount to be paid after down payment = $144 Lavina will pay the remaining $144 in six monthly installments. To find the amount of each monthly payment, we divide the total amount to be paid after the down payment by the number of installments: Monthly payment = Total amount to be paid after down payment / Number of installments Monthly payment = $144 / 6 Monthly payment = $24 Therefore, the amount of each monthly payment is $24. The correct answer is: C) $24