In accordance with the information provided, if Monique purchases a $4,700 system of air conditioning on an installment plan with a 15% down payment, $705 will be needed as a down payment.
Installment loans come in two varieties: unsecured and secured. An unsecured loan merely requires a promise to repay the obligation; no sort of security is required. Consider credit card, lines of credit, or medical bills. An asset the value of the loan's principal is used as security for an installment loan.
Here,
Total cost = $4700
Down payment = 15% of %4700
Down payment = 15 / 100 * 4700
Down payment = 15 * 47
Down payment = $705
Therefore, a down payment of $705 is needed.
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The complete question is-
Monique buys a $4,700 air conditioning system using an installment plan that requires 15% down. How much is the down payment?
