a $8980 boat (taxes included) on the installment plan. made a 15% down payment 12 monthly payments of $65?

2 Responses to “a $8980 boat (taxes included) on the installment plan. made a 15% down payment 12 monthly payments of $65?”

1. Kumar says:

   May 10, 2011 at 11:30 am

   Firstly calcuate how much he had paid all togehter.

   Inital payment 15% of 8980=1347
   12 months of 650 = 7800

   Total paid =9147

   The difference between 9147 and 8980 is the finance charge.

   So finance charge is 167 $
2. Ari says:

   May 10, 2011 at 11:32 am

   8980 (. 15) to get the 15%
   650(12) total montly payments
   so 1347(the 15%) + 7800(total payments)
   he ended up paying $9147
   $9147 – $8980
   he payed $167 more