You bought a $500 stereo on an installment plan and made two payments of $75 each during the year.On your income and expense statement for the year,you will show an expense of ____________.
A)$150
B)$575
C)$650
D)$500

Question

You bought a $500 stereo on an installment plan and made two payments of $75 each during the year.On your income and expense statement for the year,you will show an expense of ____________. ​
A)$150
B)$575
C)$650
D)$500

Quizplus · Accepted Answer

The expense recorded on the income and expense statement for the year would be the total payments made, which is $75 + $75 = $150.

You Bought a $500 Stereo on an Installment Plan and Made