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) About Me  (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) About Me  (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 ------> highlight_green%28matrix%281%2C1%2C+%22%2420%22%29%29