What is the amount owed for an installment loan to purchase the item described in the table?

\begin{tabular}{|l|r|}
\hline \multicolumn{2}{|c|}{ Finance Plan } \\
\hline Product & Smart Television \\
\hline Price & \[tex]$1900.00 \\
\hline Discount & 15\% \\
\hline Down Payment & \$[/tex]200.00 \\
\hline
\end{tabular}

Question

26-07-2024
Mathematics

Answered

What is the amount owed for an installment loan to purchase the item described in the table?

\begin{tabular}{|l|r|}
\hline \multicolumn{2}{|c|}{ Finance Plan } \\
\hline Product & Smart Television \\
\hline Price & \[tex]$1900.00 \\
\hline Discount & 15\% \\
\hline Down Payment & \$[/tex]200.00 \\
\hline
\end{tabular}

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-26T15:02:01-04:00

Let's break down the solution step by step to find the amount owed for the installment loan:

1. Identify the given values:
- Price of the Smart Television: \[tex]$1900.00 - Discount rate: 15% - Down payment: \$[/tex]200.00

2. Calculate the discount amount:
- Discount amount = Price × Discount rate
- Discount amount = \[tex]$1900.00 × 0.15 - Discount amount = \$[/tex]285.00

3. Calculate the discounted price:
- Discounted price = Price - Discount amount
- Discounted price = \[tex]$1900.00 - \$[/tex]285.00
- Discounted price = \[tex]$1615.00 4. Calculate the amount owed after the down payment: - Amount owed = Discounted price - Down payment - Amount owed = \$[/tex]1615.00 - \[tex]$200.00 - Amount owed = \$[/tex]1415.00

Therefore, the amount owed for the installment loan after applying the discount and subtracting the down payment is \$1415.00.