Sunday

March 29, 2015

March 29, 2015

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

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 4:26pma) 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 4:29pmGreat, thanks!

- Business Math -
**Ms. Sue**, Monday, January 14, 2008 at 4:35pmYou're welcome. :-)

**Answer this Question**

**Related Questions**

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...

Business maths - Instalment purchases - The cash price of a speed boat is RM60,...

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 ...

accounting - Analyze and record, in the form of T Accounts, Mr. James' ...

accounting-installment sales journal entry - Question: On 12/31/07, Company A ...

math 115 - I am stuck with this problem can some let me know how to work this ...

math 115 - I am stuck with this problem can some let me know how to work this ...

business math - Is it more economical to buy an automobile for $29,000 cash or ...