Alex purchased a motorbike that costs $3,500. He'll pay for the motorbike through an installment plan. The installment plan requires him to make a 10% down payment and pay the remaining amount in 12 monthly installments of $276 each. How much will Alex pay in finance charges?

Question

Mathematics

Elliana Branch

23 February, 00:19

Alex purchased a motorbike that costs $3,500. He'll pay for the motorbike through an installment plan. The installment plan requires him to make a 10% down payment and pay the remaining amount in 12 monthly installments of $276 each. How much will Alex pay in finance charges?

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Answers (2)

Know the Answer?

Reilly Chen · Answer 1

Answer is: Alex will pay you $3,662

Leonard Patrick · Answer 2

Alex will pay $3,662

Step-by-step explanation:

To find the total cost, we can make an equation modeling y=mx+b, with y being the total cost, m being the monthly charges, x being the amount of time it takes, and b being the 10% down payment.

After plugging in the numbers to the equation, we get y=276 (12) + 350.

Now all that is left is to solve the equation as follows:

y=3,312+350

y=3,662