Question

what is the amount owed for an installment loan to purchase the item described in the table? finance plan product pinball machine price $4,200.00 discount 25% down payment $500.00

Explanation:

Step1: Calculate the discount amount

The discount is 25% of the price. So, discount = \( 0.25 \times 4200 \)
\( 0.25 \times 4200 = 1050 \)

Step2: Find the price after discount

Price after discount = Original price - Discount = \( 4200 - 1050 \)
\( 4200 - 1050 = 3150 \)

Step3: Subtract the down payment

Amount owed = Price after discount - Down payment = \( 3150 - 500 \)
\( 3150 - 500 = 2650 \)

Answer:

\( \$2650 \)