On a purchase of $120, a store offered a payment plan consisting of a

Question

On a purchase of $120, a store offered a payment plan consisting of a $20 down payment and 12 monthly payments of $10 each. what percent of the purchase price, to the nearest tenth of a percent, did the customer pay in interest by using this plan?

A. 16.7%
B. 30%
C. 75.8%
D. 106.7%
E. 107.5%

A. 16.7%
B. 30%
C. 75.8%
D. 106.7%
E. 107.5%

Luckisnoexcuse · Answer

Actual price = 120
Payment with interest = 20+12*10 = 140
Interest = 140-120 = 20
% of interest of the purchase price = 20/120 = 1/6 = 16.67%
A

septwibowo · Answer

- Regular price : $120 and total purchase price with installment : $20 + ($12*10) = $140.
- Thus, we pay $20 more on interest.
- Percentage of this interest :  \frac{$20}{$140} * 100{%}  =  \frac{100{%}}{7}  =  16,7{%} .

A.

pushpitkc · Answer

The store offered a payment plan consisting of a $20 down payment and 12 monthly payments of $10, 
the total payment made for the purchase is 20 + 12 * 10 = 20 + 120 = 140$

Therefore he would have paid  140 - 120 or 20 $ in interest

Since, we need to find what percent of the purchase price did the customer pay in interest, 
it must be  \frac{20}{120} * 100 = \frac{1}{6} * 100 = 16.7 %(Option A)

generis · Answer

Subtract the down payment. Find the difference between original amount owed and final amount paid. That's interest. Finally, find percentage required. 
 
Purchase price = $120

Less the $20 down payment =
120 - 20 = $100 to pay off at beginning

Payment total at end is $10/month * 12 months = $120

She had $100 to pay at beginning. She paid $120 by the end.

The difference is interest: $120 - 100 = $20 in interest

$20 is what percent of purchase price $120?

\frac{20}{120}  =  \frac{1}{6}  * 100 = 16.66... = 16.7%

Answer A

Skywalker18 · Answer

Price of item = 120 $
Total cost to customer = 20$ + 10$*12 = 140$
Interest paid over 12 monthly payments = 20$
Percentage interest = 20/120 * 100%
= 16.67%

Answer A

ScottTargetTestPrep · Answer

When the customer used the payment plan, he or she paid 20 + 10 x 12 = 140 dollars, which is 20 dollars more than the purchase price. That is, the interest is 20 dollars using the payment plan.

Thus, the interest paid is 20/120 = 1/6 = 16.7%.

Answer: A

Abhishek009 · Answer

\frac{(20 + 12*10 - 120)}{120}*100 = 16.7 % Answer must be (A)

ZohraBanu · Answer

the question have used the terms " nearest tenth of a percent" ,what does this mean?

Bunuel · Answer

The term "nearest tenth of a percent" means rounding a percentage to one decimal place. For example, if you have a percentage like 5.67%, rounding it to the nearest tenth of a percent would give you 5.7%. Similarly, if you have 3.42%, it would round to 3.4%.

bumpbot · Answer

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On a purchase of $120, a store offered a payment plan consisting of a

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