Carl bought a sailboat for $11,640 on the installment plan. The installment agreement included a 15% down payment and 18 monthly payments of $646.24 each. a) How much is the down payment. b) What is the total amount of the monthly payments. c) What is the total cost she paid for the sailboat on the installment plan. d) What is the finance charge.

A) the down payment was $ 1,746, B) the total amount of the montly payments is $ 11,632.32, C) the total cost is $ 13,378.32, and D) the finance charge is 14.93%.

Step-by-step explanation:

Given that Carl bought a sailboat for $ 11,640 on the installment plan, and the installment agreement included a 15% down payment and 18 monthly payments of $ 646.24 each, to determine A) how much is the down payment, B) what is the total amount of the monthly payments, C) what is the total cost she paid for the sailboat on the installment plan, and D) what is the finance charge, the following calculations must be performed:

A) 11,640 x 0.15 = 1,746

B) 18 x 646.24 = 11,632.32

C) 11,632.32 + 1,746 = 13,378.32

D) 11,640 = 100

     13,378.32 = X

     13,378.32 x 100 / 11,640 = X

     1,337,832 / 11,640 = X

     114.93 = X

Therefore, A) the down payment was $ 1,746, B) the total amount of the montly payments is $ 11,632.32, C) the total cost is $ 13,378.32, and D) the finance charge is 14.93%.

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