Question

If mark bought a plasma TV for $2499 on the installment plan and paid 101.50 for 28 months, how much did he pay in finance charges?

A. 343 B. 400 C. 249 D. 101.50​

Answer 1

Explanation:

101.50 x 28 = 2,842.00

Price of TV = 2,499.00

2,842.00 - 2,499.00 = 343.00

$343.00 was paid in finance charges

Answer 2

A) 343.

The finance charges are equal to the total payment - initial cost. The initial cost is $2499. Mark paid (101.50)(28) or $2842

This means Mark paid an extra ($2842-$2499 = $343) in service charges.