Question

You can buy a television for $825 cash or pay $75 down and the balance in 24 monthly payments of 42.25 is the installment price of the TV? By what percent would the installment price be greater than the cash price?

Answer 1

32%

Step-by-step explanation:

Cash = $825

or

Down Payment = $75

24 Monthly Payments = $42.25

So we can calculate the Installment Plan total amount by;

= 75 + 24(42.25)

= $1089

Now, Lets calculate the percentage of installment price greater than the cash price:

$1089 -$825 = 264

$264 / $825 = 32%

Hence, by 32% installment price be greater than the cash price.