what is the amount owed for an installment lo...
what is the amount owed for an installment loan to purchase the item described in the table? finance plan product pool table price $2400.00 discount 12% down payment $500.00
Answer
# Answer:
$1512$
# Explanation:
## Step1: Calculate the discounted price
First, find the amount of the discount. The discount rate is $12\%$ or $0.12$ of the original price of $\$2400$. The discount amount $d = 2400\times0.12=\$288$. The discounted - price $P_d=2400 - 288=\$2112$.
## Step2: Calculate the amount owed
The down - payment is $\$500$. The amount owed $A$ for the installment loan is the discounted price minus the down - payment. So $A = 2112-500=\$1512$.