Question

Mr. Thompson wants to by a TV that costs $1200 using an installment plan. The plan requires 15% down payment with an APR of 12.0%. How much is the down payment amount?

Answer 1

the total amount of the TV is 1200 $

the downpayment is 15 % of 1200 $

so,

$1200\times\frac{15}{100}=180$

so the downpayment is 180 $