Online Calculators

# Layaway Plan Calculator

Layaway Plan Calculator
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

## 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" at https://www.calculatorsoup.com/calculators/financial/layaway-plan-calculator.php from CalculatorSoup, https://www.calculatorsoup.com - Online Calculators

Last updated: December 6, 2023