Question

what is the amount owed for an installment loan to purchase the item described in the table? finance plan product oven price $1200.00 discount 5% down payment $100.00

Explanation:

Step1: Calculate the discount amount

The discount is 5% of the price. So, discount = \( 5\% \times 1200 \) = \( 0.05 \times 1200 = 60 \)

Step2: Find the price after discount

Price after discount = Original price - Discount = \( 1200 - 60 = 1140 \)

Step3: Calculate the amount owed

Amount owed = Price after discount - Down payment = \( 1140 - 100 = 1040 \)

Answer:

\( \$1040.00 \)