WILL MEDAL CONSUMER MATH!!!!!

Question

ellie201 · Answer

Please Explain, you are debating about whether to buy a new tv for $900.00 or a used TV with the same equipment for $740.00. Your savings account earns 4.5% APR interest, your payment plan is for a year. You are still debating about the two different TV's. If you are paid $15.00/hour and your deductions are FICA (7.65%), federal tax withholding (12%), and state tax withholding (8%), how many hours do you have to work to pay for the new tv?

pepe_the_frog · Answer

i wish i could help you lmao i have no idea

retireed · Answer

The question only involves the purchase of the NEW TV, I assume there are more questions about buying the used TV and paying cash or using the payment plan.

I think the answer involves (Cost of New TV) divided by (Wages - taxes)

retireed · Answer

How many hours do you have to work to pay for the new tv?

    Hours = (Cost of New TV) divided by (Wage - taxes)

              =  900 / (15 - 15((7.65%)+(12%)+(8%))

              =  900 / (15 - 15(0.2765)

              =  900 / (15 - 14.1475)

              = 900 / 10.8525

              = 82.93 Hours to buy the New TV

The part about the payment plan and the savings account is unclear to me.  Am I saving up the money to pay cash for it or am I buying the TV on an installment plan over a year.  

I don't know the interest rate on the installment plan.  Is it zero?  

And where are you going to find a savings account that pays 4.5% APR?

ellie201 · Answer

Thats all i've got