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AGummiBear55
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CHECK MY WORK, please? :) 1) Susannah purchased a lawn mower for $1,250 using a sixmonth deferred payment plan. The interest rate after the introductory period is 25.99%. No down payment is required, but there is a minimum monthly payment of $30. What is the balance at the beginning of the seventh month if only the minimum payment is made each month during the introductory period? My answer: $1,070.00
 2 years ago
 2 years ago
AGummiBear55 Group Title
CHECK MY WORK, please? :) 1) Susannah purchased a lawn mower for $1,250 using a sixmonth deferred payment plan. The interest rate after the introductory period is 25.99%. No down payment is required, but there is a minimum monthly payment of $30. What is the balance at the beginning of the seventh month if only the minimum payment is made each month during the introductory period? My answer: $1,070.00
 2 years ago
 2 years ago

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tjones89 Group TitleBest ResponseYou've already chosen the best response.1
you've calculated the remaining balance after six months correctly, but at the beginning of the seventh month the introductory period is over and the interest rate will then be added to the remaining balance of $1,070.
 2 years ago

tjones89 Group TitleBest ResponseYou've already chosen the best response.1
so you need to add 25.99% of 1070 to the remaining balance
 2 years ago

AGummiBear55 Group TitleBest ResponseYou've already chosen the best response.0
Okay, so would the answer be: 1,241.49?
 2 years ago

tjones89 Group TitleBest ResponseYou've already chosen the best response.1
thats not the answer I got, how did you calculate 25.99% of 1070?
 2 years ago

Chlorophyll Group TitleBest ResponseYou've already chosen the best response.0
It's correct! Balance at the beginning of 7th month is $1,241.49
 one year ago
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