Homework Help: Business Math

Posted by Tracy on Monday, January 14, 2008 at 3:54pm.

Can someone please check over my answers? I'm not sure about them, especially part c.

A small boat can be bought for $3,000 cash or on the installment plan by paying $300 down and $108 a month for 30 months.
a) What is the installment price of the boat? $3,540

b) What is the finance charge? $540

c) What is the amount financed? $3,300

d) What is the finance charge per $100 of the amount financed? $16.36

Business Math - Ms. Sue, Monday, January 14, 2008 at 4:26pm
a) Correct.

b) Correct.

c) The amount financed is $2,700 ($3,000 - $300 down payment).

d) Since you're financing 27 hundred dollars, the finance charge is $20 for each $100 (540 / 27 = 20).
Business Math - Cierra, Monday, January 14, 2008 at 4:29pm
Great, thanks!
Business Math - Ms. Sue, Monday, January 14, 2008 at 4:35pm
You're welcome. :-)

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