SOLUTION: Mr. Thompson bought a desk for $620. He paid $100 down and the remainder in 12 monthly payments of $45 each. How much interest did he pay?

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Question 1028337: Mr. Thompson bought a desk for $620. He paid $100 down and the remainder in 12 monthly payments of $45 each. How much interest did he pay?
Found 2 solutions by rfer, MathTherapy:
Answer by rfer(16322)   (Show Source): You can put this solution on YOUR website!
620-100=520
520/12=43.33
45-43.33=1.67
1.67*12=$20.04 interest
Answer by MathTherapy(10557)   (Show Source): You can put this solution on YOUR website!

Mr. Thompson bought a desk for $620. He paid $100 down and the remainder in 12 monthly payments of $45 each. How much interest did he pay?
(12 * 45) - (620 - 100) -----> 540 - 520 ------>  

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