Question

1) Bryan is buying a $1,250 computer on an installment plan. He makes a down payment $150, and he must make monthly payments of $48.25 for 2.5 years. What is the total finance charge?

2). Jadarius wants to purchase an electric keyboard. The price of the keyboard at Best Buy with tax is $2,344. He can save $150 per month. How long will it take him to save for the keyboard?​

Answer 1

Explanation:

### 1) Bryan's Installment Plan:

#### a) Calculate the Total Amount Financed:

\[ Total \, Amount \, Financed = Purchase \, Price - Down \, Payment \]

\[ Total \, Amount \, Financed = $1,250 - $150 = $1,100 \]

#### b) Calculate the Total Monthly Payments:

\[ Total \, Monthly \, Payments = Monthly \, Payment \times Number \, of \, Payments \]

\[ Total \, Monthly \, Payments = $48.25 \times (12 \, months/year \times 2.5 \, years) \]

#### c) Calculate the Total Finance Charge:

\[ Total \, Finance \, Charge = Total \, Monthly \, Payments - Total \, Amount \, Financed \]

Now, substitute the values and calculate the total finance charge.

### 2) Jadarius' Savings Plan:

#### a) Determine the Savings Period:

\[ Savings \, Period = \frac{Total \, Price}{Monthly \, Savings} \]

Now, substitute the values and calculate the savings period.

Feel free to provide the specific values for the monthly payment and savings amount, and I can help you with the calculations.