Question
Martin purchased a wide screen television for $1,520. He made a down payment of 10% and paid the balance over 10 months. The finance charge
Martin purchased a wide screen television for $1,520. He made a down payment of 10% and paid the balance over 10 months. The finance charge was 5% of the amount financed. Find the down payment, the installment price of the television, and the monthly payment?
To find the down payment you take the total cost times the down payment percent, $1,520 * 0.10 = $152
I cannot find the total installment price of the television? or the monthly payment
I know that total installment price = sum of all payments plus down payment, but I have no clue on how to get the sum of all payments?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started