Business MathWorksheet 8.2: Installment loans-Amount Financed NameBackground: An installment loan is repaid in several equal payments over a specified period of time.Usually, you make a down payment to cover a portion of the cash price of the item. The amount youfinance is the portion of the cash price that you owe after making the down payment.Amount Financed = Cash Price - Down PaymentDown Payment = Cash Price x Percent1. Flora Quinton is buying a new air compressor for her auto repair shop. It sellsfor $1,299. She makes a down payment of $199 and finances the remainder.How much does she finance?2. Beatriz Ruiz is buying new office furniture. It sells for a cash price of$2,358.60. The down payment is $200.00. What is the amount financed3. An office remodeling project costs $15,880. If you pay $3,680 towards theproject, how much do you finance?

Amount financed refers to the total amount of credit borrowed by a borrower, which is the difference…

1. Flora Quinton is buying a new air compressor for her auto repair shop. It sells for $1,299. She makes a down payment of $199 and finances the remainder. How much does she finance? 2. Beatriz Ruiz is buying new office furniture. It sells for a cash price of $2,358.60. The down payment is $200.00. What is the amount financed 3. An office remodeling project costs $15,880. If you pay $3,680 towards the project, how much do you finance?

1. Flora Quinton is buying a new air compressor for her auto repair shop. It sells for $1,299. She makes a down payment of $199 and finances the remainder. How much does she finance? 2. Beatriz Ruiz is buying new office furniture. It sells for a cash price of $2,358.60. The down payment is $200.00. What is the amount financed 3. An office remodeling project costs $15,880. If you pay $3,680 towards the project, how much do you finance?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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