Questions: What is the amount owed for an installment loan to purchase the item described in the table?

Transcript text: What is the amount owed for an installment loan to purchase the item described in the table?

Solution

Solution Steps

Step 1: Calculate the Discounted Price

The price of the smart television is given as \( P = 1900.00 \). The discount is \( 15\% \). To find the discounted price, we calculate: \[ \text{Discounted Price} = P \times \left(1 - \frac{15}{100}\right) = 1900.00 \times 0.85 = 1615.00 \]

Step 2: Calculate the Amount Owed

The down payment made is \( D = 200.00 \). The amount that needs to be financed is calculated by subtracting the down payment from the discounted price: \[ \text{Amount Owed} = \text{Discounted Price} - D = 1615.00 - 200.00 = 1415.00 \]