A dinette table with cash price of $200 a $8.50 down and $11.00 per month for 24 months

The student asked for the total cost of a dinette table with a cash price of $200, a down payment of $8.50, and 24 monthly payments of $11.00. The total cost on the payment plan would be $272.50, showing that buying on the payment plan results in a higher overall price than the cash price.

The student is asking about a financial scenario involving the purchase of a dinette table on a payment plan. The cash price of the table is $200, with an initial down payment of $8.50, followed by monthly payments of $11.00 for 24 months. To calculate the total cost of the table when purchased on the payment plan, we need to add the down payment to the total of the monthly payments. This calculation is important in understanding financing and the total cost of an item when paid over time, as opposed to paying the full cash price upfront.

The down payment is $8.50, and the monthly payments total $11.00 x 24 months = $264.00. Adding the down payment gives us a total payment of $8.50 + $264.00 = $272.50. Therefore, buying the table on this payment plan will ultimately cost the buyer $272.50, which is more than the cash price due to the extended payment period.

The student is asking for the total cost of a dinette table purchased through installment payments. The calculation shows that the total cost will be $272.50, highlighting the increased cost due to finance charges when paying over time instead of upfront.

The student is asking how to calculate the total cost of purchasing a dinette table through installment payments. The cash price of the table is $200, and the buyer is required to make a $8.50 down payment and then $11.00 per month for 24 months. To determine the total cost paid over the 24 months, we can calculate it using the following formula:

Total cost = Down payment + (Monthly payment × Number of months)

So, the total cost would be:

$8.50 (down payment) + $11.00 (monthly payment) × 24 (months) = $272.50

It is important to note that the total amount paid will be more than the cash price of the table because of the finance charges that are typically included in installment plans. This illustrates a basic principle of consumer credit: over time, you'll pay more for an item when you buy it on credit rather than paying the full amount upfront. This is similar to the example provided where over 15 years, paying the minimum amount results in paying over twice as much in interest as the original $2,000 borrowed.

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