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You purchase a dishwasher for $1249.99 plus 4% sales tax.
The appliance store offers an installment loan that allows you to pay for
the dishwasher by making 12 equal monthly payments of $124.58. What
is the cost of credit, in dollars, for this loan? Round your answer to the
nearest cent.

Sagot :

$195

Total with tax
$1249.99x0.04 = $1299.98

Total for monthly payment for 12 months
$124.58 x 12 = $1494.96

Subtract both totals
$1494.96 - $1299.98 = $194.98

Another way…

Total with tax $1299.98 \ 12 = $108.33

Subtract given monthly payment
$124.58 - $108.33 = $16.25

Multiply $16.25 x 12 = $195



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