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In: Accounting

A travel agent arranged a payment plan for a client. It required a down payment of...

A travel agent arranged a payment plan for a client. It required a down payment of $300 and 12 monthly payments of $567. What was the total cost of the plan?

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Expert Solution

The total cost of the plan is calculated as follows:

Total cost of the plan = Down payment + ( Monthly payments * Number of months payments made)

                               = $300 + ( $567 * 12)

                               = $300 + $6,804

                               = $7,104

The total cost of the plan is $7,104

ekkarill92 answered 2 years ago
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