The total cost of the television is $360 if a woman bought a new color television with a $40 down payment and 16 monthly payments of $20 each.
It is defined as the amount one party needs to pay to another party as the first party borrowed an amount that will be credited by the second party. Debt occurs when one party cannot be able to purchase something under normal circumstances.
We know the formula for the monthly payment:
[tex]\rm Monthly \ Payment \:=\:\dfrac{\left A\left(i\right)\left(1+i\right)^{n}\right}{\left(1+i\right)^{n}-1}[/tex]
It is given that:
A woman bought a new color television with a $40 down payment and 16 monthly payments of $20 each.
Down payment = $40
Number of months = 16
Per month payment = $20
The total cost of the television = 40 + 16(20)
The total cost of the television = 40 + 320
The total cost of the television = $360
Thus, the total cost of the television is $360 if a woman bought a new color television with a $40 down payment and 16 monthly payments of $20 each.
Learn more about the debt here:
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