Alex purchased a motorbike that costs $3,500. He’ll pay for the motorbike through an installment plan. The installment plan requ

Question

4 years ago

10

Alex purchased a motorbike that costs $3,500. He’ll pay for the motorbike through an installment plan. The installment plan requ

ires him to make a 10% down payment and pay the remaining amount in 12 monthly installments of $276 each. How much will Alex pay in finance charges?

Mathematics

2 answers:

leva [86] · Answer 1 · 2022-01-08T01:50:04+03:00

leva [86]4 years ago

8 0

Answer is: Alex will pay you $3,662

antoniya [11.8K] · Answer 2 · 2022-01-08T00:20:42+03:00

Answer:

Alex will pay $3,662

Step-by-step explanation:

To find the total cost, we can make an equation modeling y=mx+b, with y being the total cost, m being the monthly charges, x being the amount of time it takes, and b being the 10% down payment.

After plugging in the numbers to the equation, we get y=276(12)+350.

Now all that is left is to solve the equation as follows:

y=3,312+350

y=3,662