Question
Elmo bought a computer system for $1,695. He put $300 down and
financed the rest. He made 30 payments of $55.50 each. How much
interest did he pay?
financed the rest. He made 30 payments of $55.50 each. How much
interest did he pay?
Answers
GPT 3.5
First, let's calculate how much Elmo financed by subtracting the down payment from the total cost:
$1,695 - $300 = $1,395
Next, let's calculate the total amount paid over the 30 payments:
30 payments * $55.50 = $1,665
Now, let's subtract the financed amount from the total amount paid to find the total interest paid:
$1,665 - $1,395 = $270
Therefore, Elmo paid a total of $270 in interest.
$1,695 - $300 = $1,395
Next, let's calculate the total amount paid over the 30 payments:
30 payments * $55.50 = $1,665
Now, let's subtract the financed amount from the total amount paid to find the total interest paid:
$1,665 - $1,395 = $270
Therefore, Elmo paid a total of $270 in interest.