Question

11. Mrs. Mildred Broadwater bought a dishwash- er with a list price of $439.25. She paid $50 down and the rest in 12 monthly payments of $35 each. How much did Mrs. Broadwater have to pay for the dishwasher and how much interest did she pay?

Answer 1

11. Mrs. Mildred Broadwater bought a dishwasher with a list price of $439.25.

She paid $50 down and the rest in 12 monthly payments of $35 each.

SOLUTION

Initial deposit = $ 50

Monthly installment for 12 months = $ 35 x 12 = $ 420

Total = $ 50 + $ 420 = $ 470

Mrs. Broadwater has to pay for the dishwasher had to pay $ 470.

Assume she paid cash = $ 439 . 25

Then the interest she will pay = $ 470 - $ 439. 25 = $ 30. 75