Online calculator to 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 like Sears and KMart. Even some Apple stores have been offering layaway plans on computers and some online stores provide layaway plans.
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.
Or, 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.