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A mahogany desk with a cash price of $810 is offered on the installment plan at $50 down and $58 per month for 15 months. What is the carrying charge?

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Aliwohaish12
Amount financed
810−50=760

Total paid
58×15=870

Carrying charge
870−760=110

Answer: The carrying charge will be $110.

Explanation:

Since we have given that

Cash price of a mahogany desk = $810

Down payment=$50

Remaining amount is given by

[tex]810-50=\$760[/tex]

Installment plan of paying $58 per month for 15 months ,

Total amount payable for 15  months is given by

[tex]58\times 15=\$870[/tex]

So, the carrying charges will be

[tex]870-760=\$110[/tex]

Hence, the carrying charge will be $110.

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