Question

Zeke bought a $2,300 bobsled on the installment plan . He made $450 down payment ,and he has to make monthly payments of $93.50 for the next 2 years. How much interest will he pay ?

Answer 1

$394 is the answer sweetcheeckss

Answer 2

$394

Explanation:

Let's calculate how much he will pay in total:

For 2 years he would have to pay $93.50 monthly. As there are 24 months in 2 years, he will pay 24*$93.50 = $2,244

He already paid $450 for a down payment, so the total pay will be $450 + $2,244 = $2,694

To know the interest, we have to subtract the real cost of the bobsled to what he will pay:

$2,694 - $2,300 = $394

He will pay $394 of interest.