Ask Question
19 April, 06:09

Mr. White purchased a new TV on a deferred payment plan. The purchase price was $2,000. He needs to pay $120 per month for 12 months and the remaining balance amount in the following month.

After Mr. White makes the 12 monthly payments, he will have to make a final payment of. If Mr. White defaults on his payments, he will have to.

+2
Answers (1)
  1. 19 April, 08:53
    0
    After Mr. White makes the 12 monthly payments, he will have to make a final payment of $560.

    If Mr. White defaults on his payments, he will have to pay additional interest on late fees and penalties, face credit and legal problems, collectors, etc ...

    Step-by-step explanation:

    First, we are going to find how much he has payed after 12 months of monthly payments. We know that Mr. White needs to pay $120 per month for 12 month, so to find the total amount he has payed, we just need to multiply the monthly payment by the number of months:

    Total = 12 x $120

    Total = $1,440

    Now, we know that the purchase price of the TV is $2,000. Since he has already paid $1,400, his final payment can be calculates by subtracting $1,440 from the purchase price of the TV;

    Final payment = $2,000 - $1,440

    Final payment = $560

    We can conclude that after Mr. White makes the 12 monthly payments, he will have to make a final payment of $560.

    Now, If Mr. White defaults on his payments, he will have to pay additional interest on late fees and penalties, face credit and legal problems, collectors, etc ...
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Mr. White purchased a new TV on a deferred payment plan. The purchase price was $2,000. He needs to pay $120 per month for 12 months and ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers