Rahm used a payment plan to purchase wood for a home project. The wood he bought cost $500. The clerk at the store offered him this payment plan instead.

The total amount(interset+down payment) is $210 if the Rahm used a payment plan to purchase wood for a home project. The wood he bought cost $500.

What is a payment plan?

Paying down any outstanding debt, or occasionally more than one obligation, by consolidation into a structured payment schedule is referred to as a payment plan.

We have the wood he bought cost $500.

Here some data are missing, so we are assuming the monthly payment is $55 and duration is 1 year

= 55×12 (1 year = 12 months)

= $660

= 600 – 500

= $160

Down payment = $50

Total amount = 160+50 = $210

Thus, the total amount(interset+down payment) is $210 if the Rahm used a payment plan to purchase wood for a home project. The wood he bought cost $500.

Learn more about the payment plan here:

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