Answered

Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Our platform offers a seamless experience for finding reliable answers from a network of experienced professionals. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

Z Snow-House sells a $1,980 snow thrower on the installment plan. The installment agreement
includes a 20% down payment and 12 monthly payments of $161 each.
a. How much is the down payment?
b. What is the total amount of the monthly payments?
c. What is the total cost of the snow thrower on the installment plan?
d. What is the finance charge?
Inom

Sagot :

fichoh

The breakdown of the payment made for the installment plan for the purchase made is :

  • Down payment = $396
  • Total monthly payment = $1932
  • Tital cost of installment plan = $2328
  • Finabce charge = $348

Given the Parameters.

  • Original cost = $1980
  • Down payment = 20% of original costs
  • Monthly installment = $161
  • Number of installment payments made = 12

1.) The down payment :

Percentage × original cost

20% × $1980 = $396

2.) Total monthly payments made :

Number of payments × amount per installment

12 × $161 = $1932

3.) Total cost of installment plan :

Total monthly payments + down payment

$(1932 + 396) = $2328

4.) Finance charge :

Installment plan - Original cost

$2328 - $1980 = $348

Learn more :https://brainly.com/question/18796573

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.