Trey bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $250 more than the desktop. He paid for the computers using two different financing plans. For the desktop the interest rate was 8.5% per year, and for the laptop it was 5% per year. The total finance charges for one year were $296. How much did each computer cost before finance charges?

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Asked Dec 5, 2019
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Trey bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $250 more than the desktop. He paid for the computers using two different financing plans. For the desktop the interest rate was 8.5% per year, and for the laptop it was 5% per year. The total finance charges for one year were $296. How much did each computer cost before finance charges?

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Expert Answer

Step 1

Given:

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The laptop costs $250 more than the desktop. The interest rate for desktop computers was 8.5% per year and the interest rate for laptop computers was 5% per year. Total finance charges = $296 for one year.

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Step 2

Calculation:

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Let the price of the desktop computer be x and let the price of the laptop computer be y . From the given information, we form a set of equations. y = x +250...(1) 0.085x + 0.05 y = 296...(2)

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Step 3
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Substitute equation (1) in equation (2), we get 0.085x +0.05(x +250) = 296 0.085x + 0.05xr+12.5 = 296 0.135x+12.5 = 296 0.135x = 296-12.5 0.135x = 283.5 283.5 0.135 x = 2100

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