Problema Solution
The total cost of new kitchen equipment is $1,400. A down payment of $140 is made and there is an add-on interest of 10%. What is the total amount that will be financed?
My answer = $1,400.
Answer provided by our tutors
Money in loan = 1400-140 = 1260
Money paid = 1260*(1+10%) = 1386
So the total amount that will be financed is $1386