Question

Pat bought a washer/dryer for $900 and made 24 payments of $46.23. Howmuch did she pay in interest?a. $1,109.52b. $900c. $92.40d. $209.52

Answer 1

Given that:

Cost of the washer/dryer = $900

Number of payments made = 24

Amount paid in each payment = $46.23

Total amount she paid

`\begin{gathered} =\text{Amount paid in each payment}\cdot Number\text{ of payments} \\ =46.23\cdot24 \\ =1109.52 \end{gathered}`

Interest paid = Total amount paid - Cost of the washer/dryer

`\begin{gathered} =1109.52-900 \\ =209.52 \end{gathered}`

Option d is correct.