Question

keep on the desktop computer in a laptop computer before finance charges the laptop cost $250 less than the desktop he paid for the computer using two different Finance plans for the desktop he interest rate was 7% per year and laptop it was 8% per year until the final shutters for one year was $325 how much did each computer cost before it finance charges
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Answer 1

The cost of desktop and laptop before finance charges is 2300 and 2050

what is finance charges?

A finance charge is any fee representing the cost of credit, or the cost of borrowing.

• It is interest accrued on, and fees charged for, some forms of credit.
• It includes not only interest but other charges as well, such as financial transaction fees.
• In personal finance, a finance charge may be considered simply the dollar amount paid to borrow money, while interest is a percentage amount paid such as annual percentage rate (APR).

cost of desktop=x

cost of laptop=x-250

%age of desktop=7%

%age of laptop=8%

finance charges of desktop=$\frac{7×x×1}{100}$=$\frac{7x}{100}$

finance charges of laptop=$\frac{8×(x-250)×1}{100}$=$\frac{8x-2000}{100}$

total finance charges=$\frac{7x}{100}+\frac{8x-2000}{100}$

=$\frac{7x+8x=2000}{100}$

=$\frac{15x-2000}{100}$

total finance charge=325

equating-  325=$\frac{15x-2000}{100}$

32500=15x

34500=15x

x=2300

cost of desktop=2300

cost of laptop=2050

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