Question

Adrian placed an X-Box on layaway as a Christmas gift. The price of the X-Box was $400.00. The store charges a 5% layaway fee and requires a 15% down payment. Equal installments must be paid each week for six weeks. Determine Adrian's weekly payments.

Answer 1

Answer:

$59.5

Explanation:

Data provided;

The price of the X-Box = $400.00

layaway fee = 5%

Down payment = 15%

Now,

The total cost of the X-Box = $400.00 + 5% of $400.00

or

= $400.00 + 0.05 × $400.00

= $400 + $20

= $420

The amount of down payment = 15% of $420

= 0.15 × $420

= $63

The amount left after down payment = $420 - $63

= $357

Therefore,

The weekly payment = $\frac{\textup{Total amount to be paid}}{\textup{Total weeks}}$

= $\frac{\textup{357}}{\textup{6}}$

= $59.5