# Find Difference in Total Cost for Engagement Ring at 2 Jewelers

• MHB
• bergausstein
In summary, for the first jeweler, the total cost of the engagement ring is \$2611.2 with a 20% down payment and 11% simple interest for one year. For the second jeweler, the total cost is \$2616 with a 25% down payment and 12% simple interest for one year. The difference in total cost is \$4.8. For the second scenario, the original amount of the bill was \$328, not \$327.9262. bergausstein 1. A prospective bridegroom wants to buy an engagement ring. Two jewelry stores each show him a ring at a cost of \$2400. One jeweler requires a 20% down payment
with the balance to be paid at the end of one year at 11%
simple interest. The other jeweler requires a 25% down
payment with the balance to be paid at the end of one
year at 12% simple interest. What is the difference in
total cost?

my solution,

for the first jeweler

$.20(2400)=480$ \$480 down payment$2400-480=1920$\$1920 balance to be paid(with 11% interest)

then the total cost is,

$1920(.11)+1920+480=2611.2$

\$2611.2 total cost of the ring at the first jewelry store. for the 2nd jewelry store,$.25(2400)=600$\$600 down payment

$2400-600=1800$ \$1800 balance to be paid(with 12% interest) then the total cost is,$1800(.12)+1800+600=2616$\$ 2616 total cost of the ring at the 2nd jewelry store.

so, $2616-2611.2=4.8$ \$4.8 is the difference in the total cost. did i get it correctly? 2. Because payment is one month overdue, a customer receives a department store bill for \$332.92 that includes
a 1.5% interest charge for late payment. What was the
original amount of the bill?

my solution

$332.92-332.92(0.015)=327.9262$

\$327.9262 original price. is this also right? thanks! bergausstein said: 1. A prospective bridegroom wants to buy an engagement ring. Two jewelry stores each show him a ring at a cost of \$2400. One jeweler requires a 20% down payment
with the balance to be paid at the end of one year at 11%
simple interest. The other jeweler requires a 25% down
payment with the balance to be paid at the end of one
year at 12% simple interest. What is the difference in
total cost?

my solution,

for the first jeweler

$.20(2400)=480$ \$480 down payment$2400-480=1920$\$1920 balance to be paid(with 11% interest)

then the total cost is,

$1920(.11)+1920+480=2611.2$

\$2611.2 total cost of the ring at the first jewelry store. for the 2nd jewelry store,$.25(2400)=600$\$600 down payment

$2400-600=1800$ \$1800 balance to be paid(with 12% interest) then the total cost is,$1800(.12)+1800+600=2616$\$ 2616 total cost of the ring at the 2nd jewelry store.

so, $2616-2611.2=4.8$ \$4.8 is the difference in the total cost. did i get it correctly? Hello. Yes. bergausstein said: 2. Because payment is one month overdue, a customer receives a department store bill for \$332.92 that includes
a 1.5% interest charge for late payment. What was the
original amount of the bill?

my solution

$332.92-332.92(0.015)=327.9262$

\\$327.9262 original price.

is this also right?

thanks!

Not.

Supposing that 1,50 % is the total interest for the month of delay:

P=original price

$$P+\dfrac{1.5}{100} P=1.015 \ P=332.92$$

$$P=\dfrac{332.92}{1.015}=328$$Checking:

$$328+328 \dfrac{1.5}{100}=328+4.92=332.92$$

Regards.

## What is the purpose of finding the difference in total cost for an engagement ring at two different jewelers?

The purpose of this study is to compare the total cost of an engagement ring at two different jewelers in order to determine which one offers a better value for the consumer.

## How do you determine the total cost of an engagement ring?

The total cost of an engagement ring is calculated by adding the cost of the ring itself, any additional features or customization, and sales tax or other fees.

## What factors can affect the total cost of an engagement ring?

The total cost of an engagement ring can be affected by factors such as the type and quality of the diamond or gemstone, the type of metal used for the band, and any additional features or customization requested by the buyer.

## Why is it important to compare the total cost of an engagement ring at different jewelers?

Comparing the total cost of an engagement ring at different jewelers allows the buyer to make an informed decision and potentially save money by choosing the jeweler that offers the best value for their desired ring.

## Are there any other factors to consider besides cost when choosing an engagement ring?

While cost is an important factor, it is also important to consider the reputation and customer service of the jeweler, as well as the quality and uniqueness of the ring itself.