Calculate (a) the total installment price, (b) the carrying charges, and (c) the number of months needed to save the money at the monthly rate to buy the item below for its cash price (remember to round up).
A bicycle with a cash price of $500, offered on the installment plan for $28 per month for 24 months.
a. $28/mo * 24mo. = $672.
b. $672 - $500 = $172
c. $500/$28/mo = 18 Mo.
Using the information below, choose the correct answers.
Amount: $100,000
Rate: 7%
Payments: 360 @ $665.31
Total Interest: $139,511.60
How much will be repaid for this loan? $
To calculate the total installment price, you need to multiply the monthly payment by the number of months:
(a) Total Installment Price = Monthly Payment * Number of Months
= $28 * 24
= $672
To calculate the carrying charges, subtract the cash price from the total installment price:
(b) Carrying Charges = Total Installment Price - Cash Price
= $672 - $500
= $172
To determine the number of months needed to save the money at the monthly rate to buy the item for its cash price, divide the cash price by the monthly payment:
(c) Number of Months = Cash Price / Monthly Payment
= $500 / $28
≈ 17.86
Since you can't have partially months, round up the number of months to the nearest whole number:
Number of Months = 18
So, the answers are:
(a) The total installment price is $672.
(b) The carrying charges are $172.
(c) The number of months needed to save the money at the monthly rate to buy the item for its cash price is 18 months.
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this answer waas very difficult to figure out that is why it took a few minutes for me and my pet chicken to figure it out.
This answer was sponsored by vajj (once again it is va-ha-ha not va-j-j)
Choose the correct answers for (a) the total installment price, (b) the carrying charges, and (c) the number of months needed to save the money at the monthly rate to buy the item for its cash price.
a racing bicycle with a cash price of $900 at $90.00 down and $40.50 per month for 24 months
a. $
b. $
c.