I need help calculating (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 bike with a cash price of $500, offered on the installment plan for $28 per month for 24 months.

a. $ ?
b. $ ?
c. ?

Using the following information below, choose the correct answers.
Amount: $100,000
Rate: 7%
Payments: 360 @ $655.31
Total Interest: $ 139,511.60

How much will be repaid for this loan? $239,511.60, $239,502.40, or $100,000.00

What percentage of this total is total interest? 60.2, 58.2, or 56.2?

What will be the average amount per payment for interest? $387.53, $387.51, or $385.51?

Thanks you!

1 answer

  1. Calculate the total installment price, carrying charges, and number of months needed to save the money at the monthly rate to buy a bicycle with a cash price of $500, offered on the installment plan for $28 per month for 24 months below for its cash price (remember to round up).

    installment price = $ 672

    charges = $ 172

    18 months

Answer this Question

Still need help?

You can ask a new question or browse existing questions.