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John Walters is comparing the cost of credit to the cash price of an item. If John makes a down payment of $155 and pays $35 a month for 24 months, how much more will that amount be than the cash price of $723

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Answer:

$272 more than cash price

Explanation:

Given that

Cash price = 723

Cost of credit = 155 down payments plus 35 for 24 months

Therefore,

How much more will cost of credit be than Cash price = Cost of credit - Cash price

Thus

Cost of credit = 155 + (24 × 35)

= 155 + 840

= 995.

We then have

Difference = 995 - 723

= $272

Therefore, if John Walters decides on cost of credit, he will pay $272 more than the cash price.

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