anonymous
  • anonymous
Milton opens a store credit card when he purchases appliances for his kitchen. The interest rate is 17.45%. He charges $3,740 to the card, and can pay $1,350 per month. What will the total cost of his purchase be?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
Loan amount $3,740; First month interest at 17.45%/12 months is $54.39. For a total due of $3,794.39. First payment of $1,350 brings the balance down to $2,444.39. Second month interest at 17.45%/12 months is $36.06. The balance is now $2,480.45. Second payment of $1,350 brings the balance down to $1,130.45. Third month interest at 17.45%/12 is $16.44. The balance is now $1,146.88. Last payment of $1,146.88 pays the charge off. The total cost of the purchase is $3,846.88

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