1.Installment Plans

Monique purchases a $5,100 dining room set. She can’t afford to pay cash, so she uses the installment plan, which requires an 18% down payment. How much is the down payment?

Lisa purchased a professional racing bike that sells for $3,000, including tax. It requires a $200 down payment. She then makes monthly payments of $111.75 for 2½ years. What is the finance charge?

Snow-House sells a $1,980 snow thrower on the installment plan. There is a 20% down payment and 12 monthly payments of $161 each. What is the finance charge?

Carey bought a $2,100 computer system on an installment plan. He made a $400 down payment, and monthly payments of $79.50 for the next two years. How much interest will he pay?

Gary is buying a $1,250 computer on the installment plan. He makes a down payment of $150. He has to make monthly payments of $48.25 for 2 1/2 years. What is the finance charge?

Shania bought a $1,455 drum set on the installment plan. The installment agreement included a 15% down payment and 18 monthly payments of $80.78 each. What is the finance charge?

Mark Scott bought a digital camera through the store’s installment plan. The camera sells for $500. He made a 20 percent down payment and must pay $35 per month for 16 months. What is the finance charge?

A desktop computer system has a cash price of $1,500. To purchase it on an installment plan, you must make a 15% down payment and promised to repay the loan for 36 months at $50 per month. Find the finance charge.

You are buying a watch for $1250 on an installment plan. You put $250 down and the balance in 12 monthly payments of $90. What is the finance charge?