Mrs. Rolle purchased a computer using the payment plan.
CASH PRICE: $1220
OR 20% DOWN PLUS 12 EQUAL PAYMENTS OF $112.00 EACH
Calculate:
(a) the deposit
(b) the total monthly payments
(c) The total cost of the computer on the payment plan.
(d) How much she would have saved by paying cash?
Answers
Given : Mrs. Rolle purchased a computer using the payment plan.
CASH PRICE: $1220
OR 20% DOWN PLUS 12 EQUAL PAYMENTS OF $112.00 EACH
To Find :
(a) the deposit
(b) the total monthly payments
(c) The total cost of the computer on the payment plan.
(d) How much she would have saved by paying cash?
Solution:
CASH PRICE: $1220
20% DOWN PAYMENT = (20/100) 1200 = 240 $
the deposit = 240 $
12 EQUAL PAYMENTS OF $112.00 EACH
the total monthly payments = 12 * 112 = 1,344 $
The total cost of the computer on the payment plan. = 240 + 1344
= 1584 $
The total cost of the computer on the payment plan. = 1584 $
could be saved by paying cash = 1584 - 1220 = 364 $
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