Question

Suppose that an installment plan calls for five payments to be made. The total paid in this plan is 20% more than the price would be if paid in full immediately. The price of the item is $200. How much will each installment payment be?
A. $40
B. $52
C. $240
D. $48

Answer 1

Answer:

The answer is $48.

Explanation:

20% of $200 is 40. So the total amount they will pay is $240. Since there will be five payments you divide this by five. That makes %48.