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. :-)

## Answer This Question

## Related Questions

- Math Please explain - Mike’s Sporting Goods sells elliptical trainers under two ...
- math - If a TV set is bought on the installment plan there is a down payment of...
- math - If a TV set is bought on the installment plan there is a down payment of...
- Math - Mrs. Dana can buy a coat for $187.00 cash or $35.00 down or $15.00 per ...
- Business maths - Instalment purchases - The cash price of a speed boat is RM60,...
- Math - Pierce Publishing sells encyclopedias under two payment plans: cash or ...
- Business math - Find the installment price of a recliner bought on the ...
- Instalment purchases - The cash price of a speed boat is RM60,000. Under an ...
- MATH - Under the installment plan, the customer pays $24/month over 4 yr with ...
- Math - Marge bought a computer for $699 on the installment plan. The terms of ...

More Related Questions