Thank you for visiting Casey bought a 1200 computer system on the installment plan He made a 300 down payment and makes monthly payments of 62 50 for 18. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Answer:
cost = $1200
he pays $300
he pays the rest in 18 installments of $62.5 = 18*62.5=$1125
price paid: 300+1125=$1425
interest paid: $300
he pays 18.75% in addition to the cash price
Step-by-step explanation:
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Rewritten by : Jeany
Answer:
$225 in interest
Step-by-step explanation:
We'll assume that the $1200 computer is fully paid after $300 down and monthly payments of $62.50 for 18 months. Lets add the 18 monthly payments to the down payment. Anything in excess of $1200 will have been the interest he paid.
18 payments of $62.50 = $1125
Down Payment = $ 300
Total = $1425
Since the computer only cost $1200, the difference must be for the interest: ($1425 - $1200) = $225 in interest
