Sure, let's solve this step by step using the information provided in the table.
1. Determine the initial price and the discount percentage:
- The initial price of the pool table is \[tex]$2400.00.
- The given discount percentage is 12%.
2. Calculate the discount amount:
To find the discount amount, we can use the formula:
\[
\text{Discount Amount} = \text{Initial Price} \times \left(\frac{\text{Discount Percentage}}{100}\right)
\]
Substituting the given values:
\[
\text{Discount Amount} = 2400.00 \times \left(\frac{12}{100}\right) = 2400.00 \times 0.12 = \$[/tex]288.00
\]
3. Calculate the price after the discount:
The price after applying the discount is obtained by subtracting the discount amount from the initial price:
[tex]\[
\text{Price After Discount} = \text{Initial Price} - \text{Discount Amount}
\][/tex]
Substituting the values:
[tex]\[
\text{Price After Discount} = 2400.00 - 288.00 = \$2112.00
\][/tex]
4. Determine the down payment:
The given down payment is \[tex]$500.00.
5. Calculate the remaining amount owed after the down payment:
The amount owed after making the down payment is:
\[
\text{Amount Owed} = \text{Price After Discount} - \text{Down Payment}
\]
Substituting the values:
\[
\text{Amount Owed} = 2112.00 - 500.00 = \$[/tex]1612.00
\]
So, the amount owed for the installment loan to purchase the pool table is \$1612.00.
