Chapter 3-3.1 consumer credit

1. Monique purchases a $6000 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: ​

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1. Lisa purchases a professional racing bicycle that sells for $3500, including tax.  It requires a $200 down payment. The remainder, plus a finance charge, is paid back monthly over the next 3 years.  The monthly payment is $110.  What is the finance charge?

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1. The White family purchases a new pool table on a no-interest-for-one-year plan.  The cost is $3000.  There is a Y dollars down payment.  If they make a minimum monthly payment of X dollars until the last month, express their last month’s payment algebraically.

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1. Depot Headquarters has a new promotional payment plan.  All purchases can be paid off on the installment plan with no interest, as long as the total is paid in full within 12 months.  There is a $20 minimum monthly payment required.  If the koslow family buys a hot tub for $3500, and they make only the minimum payment for 11 months, how much will they have to pay in the 12th month:

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1. The hut  sells a $3500 entertainment system credenza on a six-month layaway plan. If the monthly payment is 700, What is the fee charged for the layaway plan?

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