Ravonda purchased a ring costing $30,000 by taking out a 5.5% add-on installment loan. The loan requires a 25% down payment and equally monthly payments for 4 years. How much are her monthly payments?

She has to pay $503.125 monthly till 4 years

Step-by-step explanation:

Cost of the ring = $30000

Add on = 5.5% of the cost of the ring

=( 5.5 x 30000) /100

= $1650

Down payment = 25% of the cost

= (25 x 30000) /100

= $7500

Time = 4 years

Loan amount = 30000 - 7500

=$ 22500

Total amount to pay = 22500 + 1650

= $24150

Monthly instalment= 24150/(4 x 12)

=  $503.125

She has to pay $503.125 per month till 4 years.

answer:

payment just for service  

→

$

87.12

payment for service including tax

→

$

94.09

explanation:

service only with 20% tip  

→

$

72.6

(

1

+

20

100

)

=

$

87.12

in the opening of the question the word 'service' is associated only with the pretax value.

the closing part of the question asks: how much did she pay for the  

service

−−−−−−  

so technically the answer is  

→

$

72.6

(

1

+

20

100

)

=

$

87.12

however, the intention of the question provider may have been that your answer is to be  

$

87.12

(

1

+

8

100

)

=

$

94.09

to 2 decimal places.

'

payment just for service  

→

$

87.12

payment for service including tax

→

$

94.09

tony b

mar 21, 2017

answer:

trying to explain it another way

explanation:

service charge  

.

→

$

72.60

20% tip  

20

100

×

$

72.60

=

$

14.52

−−−−−−  

←

add

$

87.12

tax  

8

100

×

$

87.12

=

$

6.97

−−−−−  

←

add

$

94.09

related questions

d

step-by-step explanation: