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On a purchase of $120, a store offered a payment plan consisting of a
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25 Aug 2017, 00:28
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On a purchase of $120, a store offered a payment plan consisting of a $20 down payment and 12 monthly payments of $10 each. what percent of the purchase price, to the nearest tenth of a percent, did the customer pay in interest by using this plan?
A. 16.7%
B. 30%
C. 75.8%
D. 106.7%
E. 107.5%
A. 16.7%
B. 30%
C. 75.8%
D. 106.7%
E. 107.5%
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Re: On a purchase of $120, a store offered a payment plan consisting of a
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25 Aug 2017, 00:34
Bunuel wrote:
On a purchase of $120, a store offered a payment plan consisting of a $20 down payment and 12 monthly payments of $10 each. what percent of the purchase price, to the nearest tenth of a percent, did the customer pay in interest by using this plan?
A. 16.7%
B. 30%
C. 75.8%
D. 106.7%
E. 107.5%
A. 16.7%
B. 30%
C. 75.8%
D. 106.7%
E. 107.5%
Actual price = 120
Payment with interest = 20+12*10 = 140
Interest = 140-120 = 20
% of interest of the purchase price = 20/120 = 1/6 = 16.67%
A
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On a purchase of $120, a store offered a payment plan consisting of a
[#permalink]
25 Aug 2017, 10:52
Bunuel wrote:
On a purchase of $120, a store offered a payment plan consisting of a $20 down payment and 12 monthly payments of $10 each. what percent of the purchase price, to the nearest tenth of a percent, did the customer pay in interest by using this plan?
A. 16.7%
B. 30%
C. 75.8%
D. 106.7%
E. 107.5%
A. 16.7%
B. 30%
C. 75.8%
D. 106.7%
E. 107.5%
- Regular price : $120 and total purchase price with installment : $20 + ($12*10) = $140.
- Thus, we pay $20 more on interest.
- Percentage of this interest : \(\frac{$20}{$140} * 100{%}\) = \(\frac{100{%}}{7}\) = \(16,7{%}\).
A.