Hi Ms. Sue this is Shayna here. I am writing you this time, because I am very confused in a question of a test I just took
this was the question
Susan wants to buy a paddle boat for $840. She will pay 20% down and pay the rest in six monthly installments. What will be the amount of each monthly payment?
A. $28
B. $140
C. $112
D. $168
Student Answer: D
Answer: Incorrect
My first answer was A but they said that was wrong so I retook the test answering D and they said that was incorrect as well that the correct one it was C...there is when I said! What? How come?? because no matter how I put it I always got 168 or 28 how can be 112...what Im doing wrong or not doing period?? Thanks beforehand!!
840 * 0.2 = 168
840 - 168 = 672 >> amount she will finance
672 / 6 = 112 >> monthly payments
Oooh! thank you very much Ms. Sue... I appreciate your help in that one...I can definitely understand now! Thank you you're the best! Have a great weekend!
You're very welcome. And I hope you enjoy your weekend, also.
Hi Shayna, I understand that you're confused about the question regarding Susan's paddle boat purchase. Let's go through the problem step by step to see how to arrive at the correct answer.
The question states that the total cost of the paddle boat is $840. Susan will pay 20% of the total cost as a down payment. To find the down payment, you need to calculate 20% of $840.
Step 1: Calculate the down payment:
Down payment = 20% × $840
Down payment = 0.20 × $840
Down payment = $168
So, Susan's down payment will be $168.
Next, the question says that Susan will pay the rest of the amount in six monthly installments. To find the amount of each monthly payment, we need to subtract the down payment from the total cost and divide it by the number of months.
Step 2: Determine the amount to be paid in installments:
Amount to be paid in installments = Total cost - Down payment
Amount to be paid in installments = $840 - $168
Amount to be paid in installments = $672
Susan has to pay $672 over six months. Now, to calculate the amount of each monthly payment, divide the total installment amount by the number of months.
Step 3: Calculate the monthly payment:
Monthly payment = Amount to be paid in installments / Number of months
Monthly payment = $672 / 6
Monthly payment = $112
So, the correct answer is C. Each monthly payment will be $112.
It seems that your initial answer of A ($28) and subsequent answer of D ($168) did not take into account the correct calculations. By following the steps, you can arrive at the correct answer of C ($112).
I hope this explanation clarifies the problem for you. If you have any further questions, feel free to ask!