Question

Tracy bought a wristwatch for $845.00. She made a down-payment of $95.00 and financed the rest with six monthly payments of $128.75. Find the total installment price and total interest.

Answer 1

The total amount financed after the down-payment is $845.00 - $95.00 = $750.00
The total amount of the six monthly payments is 6 * $128.75 = $773.50

So, the total interest Tracy paid is $773.50 - $750.00 = $23.50

Therefore, the total installment price is $773.50 and the total interest is $23.50