Question

what is the amount owed for an installment loan to purchase the item described in the table? finance plan product washer and dryer price $1400.00 discount 10% down payment $300.00

Explanation:

Step1: Calculate the discount amount

The discount is 10% of the price. So, discount = \( 10\% \times 1400 = 0.10 \times 1400 = 140 \)

Step2: Calculate the price after discount

Price after discount = Original price - Discount = \( 1400 - 140 = 1260 \)

Step3: Calculate the amount owed

Amount owed = Price after discount - Down payment = \( 1260 - 300 = 960 \)

Answer:

\( \$960.00 \)