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Income And Debt Mar 3
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Income And Debt Mar 3
1.
Installment Buying When you buy in installments you pay some money (a down payment) at the time of purchasing the item and the rest of the price in equal amounts (called installments) over a given number of equal time periods. There are usually fees charged as well.
Installment price = payments + down payment + fees Financing charge = Installment price cash selling price Installment buying is a form of buying on credit. 1
2.
Example 1 A warehouse offers customers the option of purchasing furniture in installments. Fatima decides to buy a DVD player. The cash price is $389.83 plus taxes. The installment price is $50.00 down and $75.00 a month for 6 months. GST is 6% and PST is 7%.
a) Calculate the installment price. b) Calculate the financing charge. 2
3.
Example 2 To purchase a sofa and chair at a store has a cashselling price of $1288.21 plus taxes. The installments terms are $200.00 down plus $125.00 a month for 8 months. a) Calculate the installment price b) Calculate the financing charge c) Calculate the % rate the installment price exceeds the cash price.
3
4.
Example 2 A sofa and chair at a has a cashselling price of $1288.21 plus (13% taxes). The installments terms are $200.00 down plus $180.34 a month for 8 months. There is an administration fee of $75.00. a) Calculate the installment price b) Calculate the financing charge c) Calculate the % rate the installment price exceeds the cash price. a) Installment price = payments + down payment + fees
= 8($180.34) + $200.00 + $75.00 = $1442.72 + $200.00 + $75.00 = $1717.72 b) Cash price = sticker price + taxes = $1288.21 + (.13)($1288.21) Remember 13% = 13 = 0.13 = $1455.68 100 Financing charge = Installment price cash price = $1717.72 $1455.68 = $262.04 c) % rate: Ask: $262.04 is what % of $1455.68? $262.04 % $1455.68 100 % = 18% 4
5.
Assignment Read page 5153 Page 56 Questions 14
5
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