## AGummiBear55 2 years ago What formula do I use for this question? Becky purchased a home entertainment center set for \$2,254 using an 18-month deferred payment plan with an interest rate of 22.48%. She did not make any payments during the deferment period. What will Becky’s monthly payment be if she must pay off the dining room set within three years after the deferment period?

1. Chlorophyll

Compound interest formula for 18 months :)

2. AGummiBear55

Oh!!! Thank you! Can you help me find the formula for: Julio purchased some power tools totaling \$2,174 using a six-month deferred payment plan with an interest rate of 28.19%. He did not make any payments during the deferment period. What will the total cost of the dining room set be if he must pay off the dining room set within two years after the deferment period?

3. Chlorophyll

No, not yet! I haven't done with it!!!

4. AGummiBear55

Oh, okay... :)

5. Chlorophyll

Do you want me to check your 18- month result?

6. AGummiBear55

Yeah.. I think I did it wrong. I got: 4405.83. But the multiple choices I'm given are: \$121.01 \$87.45 \$62.61 \$113.72

7. Chlorophyll

Give me the minute to check!

8. AGummiBear55

9. Chlorophyll

Monthly payment \$121.009 = \$121.01

10. AGummiBear55

Ahh!! You're amazing!! :D Thank you so so much..

11. Chlorophyll

Open the new post for the next question :)

12. AGummiBear55

okay. :)

13. AGummiBear55

the question is open... :)