Question

Susan wants to buy a paddle boat for $840. She will pay 20% down and pay the rest in six monthly installments. What will be the amount of each monthly payment?

Answer 1

Susan paid 20% of $840 down on the boat. $ 820 times .20 = $ 168 which is the downpayment.

That leaves $ 820 - 168 that Susan owes. The owes $ 672.

$672 divided by 6 = $112 per month for 6 months that she will have until she has paid off the cost of the boat.