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.
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.