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Gregory needs to purchase a washer and dryer. He finds both on sale for $2,000. He has decided to pay for them on an installment plan. He will pay 20% down and then make monthly payments of $100 for 18 months. What is the dollar amount ($) of his down payment? How much money are the total payments? What is the finance or interest paid using the installment plan?
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Sagot :

Answer:

400 is the down payment of 20% of 2000.

18 months × 100=$1800.

The interest rate is 10.90% or .10909%

Step-by-step explanation:

400 down payment

1800 in payments

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$2200.00 total paid in 18 months.

To get interest rate divide 24 by 1800. = .1090.... rate

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