Joan purchased a refrigerator for $1,200. She made a down payment of $65 and paid
$121 a month for 11 months. Find the total installment price of the refrigerator.

Installment means adding the total principal of the loan and the total interest on the principal together and then dividing the sum by the number of installment payments.

For the given situation,

The purchase price of the refrigerator = $1200

Down payment = $65

Monthly installment = $121

Installment period = 11 months

Total installment price = [tex](121)(11)[/tex]

⇒ [tex]\$1331[/tex]

Hence we can conclude that the total installment price is $1331.

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Joan purchased a refrigerator for $1,200. She made a down payment of $65 and paid $121 a month for 11 months. Find the total installment price of the refrigerator.

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What is an installment?

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Joan purchased a refrigerator for $1,200. She made a down payment of $65 and paid
$121 a month for 11 months. Find the total installment price of the refrigerator.