Joan purchased some lawn furniture at a local store. The furniture
cost $489.99. She paid for it in eight equal installments of $76
each. How much interest did she pay?
a. $608
b. $11.80
c. $60.80
d. $118.01
The total amount paid is the installment amount multiplied by the number of installments: 8 x $76 = $608.
To find the interest, we can subtract the original cost of the furniture from the total amount paid:
$608 - $489.99 = $118.01
Therefore, Joan paid $118.01 in interest.
The answer is (d) $118.01.