Question

A blue ray player cost $187.60. A 20% down payment is required with monthly payments of $39.40 for 4 months. What is the price paid for the blue ray player? What is the finance charge?

Answer 1

cost = $187.60

20% down

4 months of $39.40

1.- Calculate the 20%

187,6 ------------------- 100

x -------------------- 20

x = (20 x 187.6) / 100

x = 3752/100

x = 37.52

2.- Calculate the final price

Price paid = 37.52 + 4(39.40)

Price paid = 37.52 + 157.6

= $195.12

2.- Finance charge

= 195.12 - 37.52

= $157.6