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Business Math

posted by on .

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 - ,

    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 - ,

    Great, thanks!

  • Business Math - ,

    You're welcome. :-)

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