Question

A repairperson buys a new heavy-duty electric drill with installment payments. The initial cost of the drill is $300. The repairperson makes six payments. The total payments for the drill add up to $324.

How much interest does the repairperson pay?


What are the repairperson’s monthly payments for the drill?

Answer 1

@One098 @amistre64

Answer 2

how do we define interest?

Answer 3

interest is basically the cost of borrowing money. if we borrow 300, and have to pay back 324, then how much did it cost us to borrow the money?

Answer 4

24 dollars or 1.08%?

Answer 5

@amistre64

Answer 6

ugh forget it

Answer 7

sites not acting right for me at least.

yes, 24 dollars is how much you will pay in interest.

total cost of borrowing money is principal + interest.

300 + interest = 324, so interest is 24

Answer 8

notice the question is asking from interest paid, not the interest rate. we shouldnt need to determine a percentage.

Answer 9

So the monthly price would ne 4.00?

Answer 10

be* @ElonaSushchik

Answer 11

@Ashleyisakitty @bibby @chosenmatt @Directrix

Answer 12

Yes correct

Answer 13

Yesss Thank You!