Kitchen Credit Crunch Worksheet
Kitchen Math Series • Consumer Credit Skills
Buying Large Appliances on Credit
Installment Calculations
Name:
Date:
Period:
Score:
Installment Credit Formulas
Step 1: Total Monthly Payments Number of Months × Monthly Payment Amount
Step 2: Total Installment Price Down Payment + Total Monthly Payments
Model Example: Refrigerator Cash = $1,200.00 | Terms: $150.00 down + 24 @ $52.00/mo
Step 1: 24 × $52 = $1,248.00 | Step 2: $150 + $1,248 = $1,398.00 Total
Part 1: Appliance Installment Price Table (Problems 1–8)
Calculate total monthly payments and total installment price for each item.
Appliance & Cash Price
Credit Terms
Total Monthly Payments
(Months × Monthly Payment)
Total Installment Price
(Down Payment + Total Monthly)
1. Convection Range Cash Price: $890.00
Down: $120.00
18 mos. @ $51.00
$ _______
$ _______
2. Built-in Dishwasher Cash Price: $560.00
Down: $70.00
12 mos. @ $46.00
$ _______
$ _______
3. OTR Microwave Cash Price: $340.00
Down: $45.00
12 mos. @ $28.00
$ _______
$ _______
4. Chest Deep Freezer Cash Price: $725.00
Down: $85.00
24 mos. @ $32.00
$ _______
$ _______
5. Beverage Cooler Cash Price: $495.00
Down: $55.00
15 mos. @ $35.00
$ _______
$ _______
6. French-Door Refrigerator Cash Price: $1,450.00
Down: $200.00
24 mos. @ $62.00
$ _______
$ _______
7. Commercial Meat Slicer Cash Price: $620.00
Down: $80.00
12 mos. @ $52.00
$ _______
$ _______
8. Countertop Espresso Machine Cash Price: $780.00
Down: $100.00
18 mos. @ $44.00
$ _______
$ _______
Remember: Multiply months by monthly payment before adding the down payment.
Page 1 of 2
Kitchen Math • Consumer Credit Application
Student Name:
Part 2: Real-World Kitchen Credit Decisions (Problems 9–14)
Solve each scenario below. Show calculations and write your final answers clearly on each line.
9. Dual-Fuel Commercial Range: Comparing Two Credit Plans
Plan Comparison
Chef Marcus needs a range with a Cash Price of $1,650.00. Dealer offers: Plan A: $250.00 down + 12 @ $130.00/mo | Plan B: $100.00 down + 24 @ $75.00/mo.
Plan A Calculations:
Total Monthly (12 × $130): $ ___________
Total Inst. ($250 + Mo.): $ ___________
Plan B Calculations:
Total Monthly (24 × $75): $ ___________
Total Inst. ($100 + Mo.): $ ___________
Which plan has a lower Total Installment Price? By how much? Plan: _______ | Lower by: $ _______
10. "$0 Down!" Refrigerator Promo
Promo
Store ad: "Zero down today & $68.00/mo for 36 months!" Cash price is $1,980.00.
a) Total Monthly (36 × $68): $ ________
b) Total Installment Price: $ ________
11. Commercial Ice Maker
Lab Budget
Replacement unit costs $820.00 cash. Dealer terms: $120.00 down + 18 mos @ $46.50.
a) Total Monthly (18 × $46.50): $ ________
b) Total Installment Price: $ ________
12. Dishwasher Trade-In Credit
Trade-In
Cash price: $2,400.00. Trade-in credit counts as $300.00 down + 30 mos @ $84.00.
a) Total Monthly (30 × $84): $ ________
b) Total Installment (Trade+Pmts): $ ________
13. Food Truck Induction Unit
Equipment
Cash price: $520.00. Financed with $65.00 down and 10 monthly payments of $53.00.
a) Total Monthly (10 × $53): $ ________
b) Total Installment Price: $ ________
14. Artisan Bakery Deck Oven: 12-Month vs. 24-Month Financing
Term Choice
A bakery finances a deck oven with a Cash Price of $3,100.00. The dealer offers two terms: Option 1 (1 Year): $400.00 down + 12 @ $245.00/mo | Option 2 (2 Years): $200.00 down + 24 @ $138.00/mo.
Option 1 (12 Months):
Total Monthly (12 × $245): $ ___________
Total Installment ($400 + Mo.): $ ___________
Option 2 (24 Months):
Total Monthly (24 × $138): $ ___________
Total Installment ($200 + Mo.): $ ___________
How much does the bakery save in total by choosing Option 1 over Option 2? Total Savings: $ ___________
Review your work: verify that down payment is added after multiplying months by monthly payment.
Page 2 of 2
Kitchen Credit Crunch Answer Key
Kitchen Math Series • Teacher Solutions Guide
Buying Large Appliances on Credit — Answer Key
TEACHER KEY
Total Score: 28 Points (2 pts/problem)
Grading Rubric: 1 pt for monthly multiplication, 1 pt for adding down payment.
Part 1: Appliance Installment Price Table (Problems 1–8)
Solutions & Step-by-Step Calculations
Appliance & Cash Price
Credit Terms
Total Monthly Payments
(Months × Monthly Payment)
Total Installment Price
(Down Payment + Total Monthly)
1. Convection Range Cash: $890.00
Down: $120.00
18 @ $51.00/mo
18 × $51 = $918.00
$120 + $918 = $1,038.00
2. Built-in Dishwasher Cash: $560.00
Down: $70.00
12 @ $46.00/mo
12 × $46 = $552.00
$70 + $552 = $622.00
3. OTR Microwave Cash: $340.00
Down: $45.00
12 @ $28.00/mo
12 × $28 = $336.00
$45 + $336 = $381.00
4. Chest Deep Freezer Cash: $725.00
Down: $85.00
24 @ $32.00/mo
24 × $32 = $768.00
$85 + $768 = $853.00
5. Beverage Cooler Cash: $495.00
Down: $55.00
15 @ $35.00/mo
15 × $35 = $525.00
$55 + $525 = $580.00
6. French-Door Refrigerator Cash: $1,450.00
Down: $200.00
24 @ $62.00/mo
24 × $62 = $1,488.00
$200 + $1,488 = $1,688.00
7. Commercial Meat Slicer Cash: $620.00
Down: $80.00
12 @ $52.00/mo
12 × $52 = $624.00
$80 + $624 = $704.00
8. Countertop Espresso Machine Cash: $780.00
Down: $100.00
18 @ $44.00/mo
18 × $44 = $792.00
$100 + $792 = $892.00
Common Misconceptions to Check: Students often incorrectly multiply the down payment by the number of months, or add the monthly payment to the cash price. Remind students that the down payment is paid once, upfront.
