Question

Mr. Hower can buy a computer with a down payment of $510 and 8 monthly payments of $35.75. If he pays cash for the computer, the cost is $699.99. How much money will he save if he pays cash for the computer instead of paying for it in monthly payments?

Answer 1

The amount of money saved by the person is $\boxed{\ \ 96.01}$.

Further explanation:

Given:

The person buys the computer with a down payment of $\ \ 510$ and monthly payments of $\ \ 35.75$ for $8\text{ months}$.

The cost of the computer if the person pays cash for the computer is $\ \ 699.99$.

Calculation:

The monthly payment by the person is $\ \ 35.75$ for $8\text{months}$.

The payment made by the person in $8\text{months}$ can be calculated as follows:

$\boxed{8\times 35.74=216}$

This implies that the payment by the person in $8\text{ months}$ is $\ \ 216$.

The down payment made by the person to buy the computer is $\ \ 510$.

Therefore, total payment done by the person is calculated as follows:

$\boxed{510+286=796}$

This implies that the total payment to be paid by the person in downpayment and monthly payment is $\ \ 796$.

The cost of the computer is $\ \ 699.99$ if the person pays cash for the computer.

Therefore, the person buys the computer in $\ \ 796$ if he is paying monthly payment that is more than the actual cost of the computer.

The loss of the person to buy the computer can be calculated as follows:

$\boxed{796-699.99=96.01}$  

The loss of the person is $\ \ 96.01$.

Therefore, the amount of money saved by the person is $\boxed{\ \ 96.01}$.

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Answer details:

Grade: Middle school

Subject: Mathematics

Chapter: Algebraic expression

Keywords: Mr. Hower, computer, monthly payments, down payment, paying, cash, actual cost, algebra, 699.99, 510, 35.75, saves money.