Question

Kelly purchased a toaster for $110. She made a down payment of 25% and financed the rest for 6 months with payments of $24.33. Find (a) the down payment and (b) the total installment price of the toaster.

Answer 1

Down payment =$ 27.5

Total 6 month installment payment

= $145.98

Total payment for toaster= $173.48

Explanation:

Supposed price of the toaster= $110

Down payment of 25% was made

Down payment= 25/100 * 110

Down payment=0.25*110

Down payment =$ 27.5

For 6 month she made installmental payment of $24.33

Total installmental payment

= 24.33 * 6

= $145.98

Then total payment made for the toaster = 145.98 + 27.5

= $173.48