Question

Mrs. Dana can buy a coat for $187.00 cash or $35.00 down or $15.00 per month for 12 months. The charge for buying on the installment plan is:

Also, can you explain what the installment plan is.

Answer 1

The installment plan is paying a debt by making regular payments. Interest is charged on this loan.

35 + (15 * 12) = 215

215 - 187 = $28 charge

Answer 2

Oh, thanks