Question

Home Depot sells an LG SIGNATURE Smart Refrigerator for $6,298 on an installment plan. The installmentagreement includes a 10% down payment and 24 monthly payments of $262 each. What is the total cost of the refrigerator on the installment plan

Answer 1

The total cost of the refrigerator on the installment plan is $6,917.80.

Step-by-step explanation:

To calculate the total cost of the refrigerator on the installment plan, we need to consider the down payment and the monthly payments. The down payment is 10% of the total cost, so it would be 10% of $6,298 which is $629.80. Then, we need to calculate the total cost of the monthly payments, which is 24 payments of $262 each, for a total of 24 * $262 = $6,288. Adding the down payment to the cost of the monthly payments, we get $629.80 + $6,288 = $6,917.80. Therefore, the total cost of the refrigerator on the installment plan is $6,917.80.