Question

eve found a furniture store that sells an entertainment center she wants for $2,445. if the store offers a one-year loan, with a 10% down payment and monthly payments of $195, how much would she pay in interest​

Answer 1

$90

Explanation:

Given from the question that the down payment is 10% the selling price of the store this will be;

10/100 * $2445 = $244.50

Monthly payments = $195

For one year, paying $195 per month will give a total of : $195 * 12 =$2340

Adding the down payment to get total amount paid = $2340 + $195 = $2535

The interest paid will be : $2535 -$2445 = $90