Question

Mike bought a set of golf clubs that cost k dollars. He signed an installment agreement requiring
a 5% down payment and monthly payments of g dollars for 12 years.
a.
Express his down payment algebraically.
b. How many monthly payments must Mike make?
C.
Write expressions for the total amount of the monthly payments and the finance charge.

Answer 1

Using the appropriate interest relation, the solution to the problems posed are :

• Down payment = 0.05k
• 144 monthly payments
• Total monthly payment made = 144g

Down payment :

• 5% of total cost
• Total cost = k

5% × k = 0.05k

B.)

Number of monthly payments :

Number of months per year = 12

Number of years = 12

Number of monthly payments = 12 × 12 = 144

C.)

Total charge :

Monthly payment = $g

Number of monthly payments × amount paid

• g × 144 = 144g

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