what is the amount owed for an installment loan to purchase the item described in the table? finance plan…

what is the amount owed for an installment loan to purchase the item described in the table? finance plan product home theater system price $3000.00 discount 10% down payment $400.00

what is the amount owed for an installment loan to purchase the item described in the table? finance plan product home theater system price $3000.00 discount 10% down payment $400.00

Answer

Explanation:

Step1: Calculate the discounted price

First, find the amount of the discount. The discount is 10% of the original price of $3000. The discount amount $d = 0.1\times3000=300$. The discounted - price $P_d=3000 - 300=2700$.

Step2: Calculate the loan amount

The loan amount is the discounted price minus the down - payment. The down - payment is $400. So the loan amount $L = 2700-400 = 2300$.

Answer:

$2300$