Mr. Hower can buy a computer with a down payment of $510 and 8 monthly payments of $35.75. If he pays cash for the computer, the cost is $699.99. How much money will he save if he pays cash for the computer instead of paying for it in monthly payments?
The amount of money saved by the person is \(\boxed{\$\ 96.01}\).
Further explanation:
Given:
The person buys the computer with a down payment of \(\$\ 510\) and monthly payments of \(\$\ 35.75\) for \(8\text{ months}\).
The cost of the computer if the person pays cash for the computer is \(\$\ 699.99\).
Calculation:
The monthly payment by the person is \(\$\ 35.75\) for \(8\text{months}\).
The payment made by the person in \(8\text{months}\) can be calculated as follows:
\(\boxed{8\times 35.74=216}\)
This implies that the payment by the person in \(8\text{ months}\) is \(\$\ 216\).
The down payment made by the person to buy the computer is \(\$\ 510\).
Therefore, total payment done by the person is calculated as follows:
\(\boxed{510+286=796}\)
This implies that the total payment to be paid by the person in downpayment and monthly payment is \(\$\ 796\).
The cost of the computer is \(\$\ 699.99\) if the person pays cash for the computer.
Therefore, the person buys the computer in \(\$\ 796\) if he is paying monthly payment that is more than the actual cost of the computer.
The loss of the person to buy the computer can be calculated as follows:
\(\boxed{796-699.99=96.01}\)
The loss of the person is \(\$\ 96.01\).
Therefore, the amount of money saved by the person is \(\boxed{\$\ 96.01}\).
Learn more:
1. Learn more about problem on function https://brainly.com/question/1632445
2. Learn more about problem on triangle https://brainly.com/question/7437053
3. Learn more about problem on range and domain of functions https://brainly.com/question/3412497
Answer details:
Grade: Middle school
Subject: Mathematics
Chapter: Algebraic expression
Keywords: Mr. Hower, computer, monthly payments, down payment, paying, cash, actual cost, algebra, 699.99, 510, 35.75, saves money.