Question

monthly payment for Martin Dennis purchased a wide screen television for $1210. He made a down payment of 10% and paid the balance over 24 months. The finance charge was 4% of the amount financed. Find the down payment, the installment price of the television, and the monthly payment. What is the installment price?

Answer 1

To find the down payment, calculate 10% of the purchase price. The installment price is the purchase price minus the down payment. The monthly payment is the amount financed divided by the number of months.

Step-by-step explanation:

To find the down payment, we need to calculate 10% of the purchase price of the television. 10% of $1210 is $121, so the down payment is $121.

To find the installment price of the television, we subtract the down payment from the purchase price. The installment price is $1210 - $121 = $1089.

Next, we calculate the finance charge. 4% of $1089 is $43.56.

The total amount financed is the installment price plus the finance charge, which is $1089 + $43.56 = $1132.56.

Finally, to find the monthly payment, we divide the amount financed by the number of months. $1132.56 divided by 24 months is $47.19.