Question

A stereo can be purchased on the installment plan with a down payment of $35.00 and the 15 payment of $22. 50 each. If there is no sales tax how much will the stereo cost if purchase on the installment plan?

Answer 1

The cost will be $ 372.5

Explanation:

Given,

For a stereo,

Down payment = $ 35.00,

Also, the amount of each payment = $22.50,

Number of payment = 15,

So, the total amount of payment = 15 × 22.50 = $ 337.5,

Hence, the total cost of the stereo = Down payment + Total amount of payment

= $ 35.00 + $ 337.5

= $ 372.5

Answer 2

Multiply 22.50 by 15 to find the total of the payments and then add that to the down payment of 35.00.

22.50 x 15 = $337.50 ( total monthly payments)

337.50 + 35.00 = $372.50 total cost.