Math Question Help - Check Answer?

Answers:3   |   LastUpdateAt:2018-08-22 22:39:23  

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2. Phillip wants to buy a new boat for his family . Have two payment options. The first option is to pay a cash payment of $ 7,200. The second option is to finance the boat with an installment loan for three years . The loan requires a 10% pament equal to 36 monthly payments of $ 205. According to this information , what would be the financial burden of the loan ? Show all working . MedlinePlus MedlinePlus My job : MedlinePlus MedlinePlus This is what I've done , but I ` m not sure. MedlinePlus MedlinePlus 2. Method of calculating the amount financed . MedlinePlus MedlinePlus Amount financed = Cash Price
Answer1chabugAnswered at 2012-10-13 12:17:26
They put 10 % down and finance the rest : MedlinePlus 10% of 7200 is 720. Is 7200-720 6480. 6480 is the amount that is financed . MedlinePlus MedlinePlus After payment, still pay a total of $ 7380. MedlinePlus 36x205 is 7380. MedlinePlus MedlinePlus Compare it really worth the amount financed : MedlinePlus 7380-6480 is 900 to 900 is the finance charge . MedlinePlus MedlinePlus Do not know why I have two thumbs down . The way I solved by comparing the totals after the initial payment is correct . You will end up with the same answer either way , but once you get into more complex equations to find the easiest way to understand the answers . What happens when you double payment and solving it for two or more variables ? Comparison of the segments is better in questions like these .
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