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mrs. gordon bought a stove which cost $850. no down payment was required. mrs. gordon has to pay $160 for the next six months. what is the average amount she pays in interest each month?

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Answer:

the average amount Mrs. Gordon pays in interest each month, we need to determine the total interest paid over the six-month period and divide it by the number of months.

The total interest paid can be found by subtracting the cost of the stove from the total amount paid over six months:

Total interest paid = Total amount paid - Cost of the stove

The total amount paid over six months is calculated by adding the monthly payments:

Total amount paid = $160/month * 6 months

Let's perform the calculations:

Total amount paid = $160/month * 6 months = $960

Total interest paid = Total amount paid - Cost of the stove

= $960 - $850

= $110

Now, to find the average amount Mrs. Gordon pays in interest each month, we divide the total interest paid by the number of months:

The average amount paid in interest each month = Total interest paid / Number of months

= $110 / 6 months

≈ $18.33

Therefore, Mrs. Gordon pays an average of approximately $18.33 in interest each month.

User Alexandre FILLATRE
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