Asked by Jennifer Burggraf on Apr 26, 2024
Verified
Arnold purchased a $1,300 set of golf clubs on a nine-month layaway plan and had to pay a monthly payment of $158.89.What is the fee charged for the layaway plan?
Layaway Plan
A purchasing agreement that allows a buyer to pay for goods in installments and receive the goods upon full payment.
- Calculate the total cost of borrowing under different scenarios including payday loans and layaway plans.
Verified Answer
ZK
Zybrea KnightMay 03, 2024
Final Answer :
Find the layaway fee by multiplying the monthly payment by 9.Then subtract the cost of the golf clubs. 
Learning Objectives
- Calculate the total cost of borrowing under different scenarios including payday loans and layaway plans.