Simple Interest
Many large appliance stores offer simple interest loans to their customers. For example, suppose a customer is interested in purchasing a $1,400.00 refrigerator at Myer Appliances. The customer is unable to pay the total amount at the time of purchase, so Myer’s lets the customer make a down payment of $140 and then 12 monthly payments of $120.75.
1. Research the selling price of a large appliance that you would like to purchase.
o Suppose that you are unable to pay the total amount for your appliance at the time of purchase, so you take out a simple interest loan. The store will let you make a 10% down payment and then make 12 equal monthly payments for the remaining balance at a simple interest rate of 15%.
2. Find the 10% down payment on your large appliance.
3. What is the total amount of interest paid on the remaining balance?
4. How much will your monthly payments be?
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