Question

what is the amount owed for an installment loan to purchase the item described in the table?
finance plan
product kitchen appliances
price $3200.00
discount 5%
down payment $100.00

Explanation:

Step1: Calculate the discount amount

The discount is 5% of the price. So, discount = \( 3200\times0.05 \)
\( 3200\times0.05 = 160 \)

Step2: Calculate the price after discount

Price after discount = Original price - Discount = \( 3200 - 160 \)
\( 3200 - 160 = 3040 \)

Step3: Calculate the amount owed

Amount owed = Price after discount - Down payment = \( 3040 - 100 \)
\( 3040 - 100 = 2940 \)

Answer:

\( \$2940.00 \)