SOLUTION: Is it B? I want to check my answer. Adam bought a treadmill and a dirt bike from a sports equipment store for y dollars. He signed an installment agreement requiring an 8% down

Question 1184956: Is it B? I want to check my answer.
Adam bought a treadmill and a dirt bike from a sports equipment store for y dollars. He signed an installment agreement requiring an 8% down payment and monthly payments of x dollars for 18 months. Which expression correctly represents Adam’s finance charge?
A. 0.8y
B. 18y
C. 18x − 0.92y
D. 18x − 0.08y
E. 18y − 0.92x
Found 2 solutions by ikleyn, Theo:
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.

Definitely, it is not B.

Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
he put 8% down.
he financed the rest.
the rest = y - .08y = .92y
that was the amount of the loan.
the finance charge was x dollars a month.
the number of months was 18.
the total payments was 18x.
subtract the loan amount from that, and the difference is the finance charge.
that would be 18x - .92y
that would be selection C.

here's an example:
assume y = 1000
.92y = 920
assume cost was 60 a month.
that would be x.
18x would be 18 * 60 = 1080.
the finance charge is the number of payments on the loan minus the original amount of the loan.
that that would be 1080 minus 920 = 160.

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