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 gazebo price $5,000.00 discount 15% down payment $250.00

what is the amount owed for an installment loan to purchase the item described in the table? finance plan product gazebo price $5,000.00 discount 15% down payment $250.00

Answer

Explanation:

Step1: Calculate the discounted price

First, find the amount of the discount. The discount rate is 15% or 0.15. The original price of the gazebo is $5000. The discount amount is $5000\times0.15 = 750$. The discounted - price is $5000−750=4250$.

Step2: Calculate the loan amount

The down - payment is $250. To find the amount owed (loan amount), subtract the down - payment from the discounted price. So, the amount owed is $4250 - 250=4000$.

Answer:

$4000$