®

Online Calculator Resource

Layaway Plan Calculator

Layaway Plan Calculator
Answer:
Price:
$ 250.00
Tax:
$ 15.00
Fee:
$ 10.00
Total Cost:
$ 275.00
Total Down Payment of:
$ 66.25
plus 4 Payments of:
$ 52.19

Share this Calculator & Page

Calculator Use

Calculate the layaway plan down payment and additional payment amounts you will owe for the merchandise.

Layaway plans have recently seen a resurgence in popularity among stores.

Layaway Calculations:

Assume you want to purchase a gift in a jewelry layaway plan.  The item you want to purchase will cost $250 plus 6% sales tax equal to $15 (calculator online for sales tax).  A total price of $265.00.  Additionally you will pay a $10 layaway plan fee, the jewelry seller requires a 25% deposit, and you will pay off the balance owed plus the fee with 4 additional payments.

Your down payment will be $265 x 25% = $66.25.

The balance you owe on the plan will be the price plus the fee minus the deposit you paid.

The balance owed is $265 + $10 - $66.25 = $208.75.

Since you are making 4 payments the payment calculation is simply $208.75 / 4 = $52.19.

For this layaway plan you make a down payment of $66.25 and 4 additional payments of $52.19 each.



 

Cite this content, page or calculator as:

Furey, Edward "Layaway Plan Calculator"; from http://www.calculatorsoup.com - Online Calculator Resource.

Follow CalculatorSoup: