Question

Jean bought a $2,980 sectional sofa on the installment plan. The installment agreement included a 20% down payment and 24 monthly payments of $115 each. Answer Each Part Below. Part a) How much is the down payment? * Your answer Part b) What is the total amount of the monthly payments? * Your answer Part c) How much did Jean pay for the snow thrower on the installment plan? *​

Answer 1

a) down payment = $596

b) total amount of monthly payments = $2,760

c) total payment = $3,356

Explanation:

a) original cost of sofa = $2,980

down payment = 20%

convert 20% to a decimal = 20/100 = 0.2

⇒ 20% of $2,980 = 0.2 x 2980 = 596

⇒ down payment = $596

b) 24 monthly payments of $115

⇒ total monthly payments = 24 x 115 = 2760

c) total payment = down payment + total monthly payments

⇒ total payment = 596 + 2760 = 3356