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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