{"id":139733,"date":"2024-09-17T15:18:33","date_gmt":"2024-09-17T15:18:33","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=139733"},"modified":"2024-09-17T15:18:35","modified_gmt":"2024-09-17T15:18:35","slug":"a-consumer-makes-a-400-down-payment-on-a-television-that-costs-1570","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2024\/09\/17\/a-consumer-makes-a-400-down-payment-on-a-television-that-costs-1570\/","title":{"rendered":"A consumer makes a $400 down payment on a television that costs $1,570"},"content":{"rendered":"\n<p>A consumer makes a $400 down payment on a television that costs $1,570. Which of the following is the number of months it will take to pay off the television with monthly payments of $100? (Assume that no interest is owed)<\/p>\n\n\n\n<p>A.<br>12<\/p>\n\n\n\n<p>B.<br>16<\/p>\n\n\n\n<p>C.<br>15<\/p>\n\n\n\n<p>D.<br>11<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-ast-global-color-6-color\"><strong>The correct answer and Explanation is :<\/strong><\/mark><\/p>\n\n\n\n<p>To determine the number of months it will take to pay off the television, follow these steps:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Calculate the Remaining Balance:<\/strong><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The total cost of the television is $1,570.<\/li>\n\n\n\n<li>The consumer has made a down payment of $400.<\/li>\n\n\n\n<li>Therefore, the remaining balance is calculated as follows: [<br>\\text{Remaining Balance} = \\text{Total Cost} &#8211; \\text{Down Payment}<br>] [<br>\\text{Remaining Balance} = 1,570 &#8211; 400 = 1,170<br>]<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Calculate the Number of Months Needed:<\/strong><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The consumer plans to make monthly payments of $100.<\/li>\n\n\n\n<li>To find out how many months it will take to pay off the remaining balance, use the formula: [<br>\\text{Number of Months} = \\frac{\\text{Remaining Balance}}{\\text{Monthly Payment}}<br>] [<br>\\text{Number of Months} = \\frac{1,170}{100} = 11.7<br>]<\/li>\n\n\n\n<li>Since the number of months must be a whole number, round up to the nearest whole number because the consumer would need to make a partial payment in the final month. Thus, 11.7 months rounds up to 12 months.<\/li>\n<\/ul>\n\n\n\n<p><strong>Explanation:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Remaining Balance Calculation:<\/strong><br>Subtracting the down payment from the total cost gives the amount that still needs to be paid. Here, $1,570 (total cost) &#8211; $400 (down payment) = $1,170.<\/li>\n\n\n\n<li><strong>Monthly Payment Calculation:<\/strong><br>Dividing the remaining balance by the monthly payment amount tells us how many full payments are required. Here, $1,170 divided by $100 equals 11.7. Since payments are made in full months, you need to round up to 12 months to cover the full amount.<\/li>\n<\/ol>\n\n\n\n<p><strong>Answer:<\/strong> The number of months it will take to pay off the television is <strong>12 months<\/strong> (option A).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A consumer makes a $400 down payment on a television that costs $1,570. Which of the following is the number of months it will take to pay off the television with monthly payments of $100? (Assume that no interest is owed) A.12 B.16 C.15 D.11 The correct answer and Explanation is : To determine the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-139733","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/139733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=139733"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/139733\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=139733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=139733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=139733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}