Problem 982

Smith’s Trailer Sales will finance a 16-foot utility trailer with ramps and electric brakes. If a down payment of 80 and eight monthly payment of87.75 are required, what is the installment price of the trailer?

 

Solution:-

 

First find the total of the installment payment.

Total of installment = number of installments * installment payment

= 8 * 87.75

Multiply

8 * 87.75 = 702  Find the installment price.  Installment price = total of installment payment + down payment  =702 + 80702 + 80 =782

Therefore, the installment price is $782.

 

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