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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?

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  1. Chlorophyll
    • 2 years ago
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    Compound interest formula for 18 months :)

  2. AGummiBear55
    • 2 years ago
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    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
    • 2 years ago
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    No, not yet! I haven't done with it!!!

  4. AGummiBear55
    • 2 years ago
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    Oh, okay... :)

  5. Chlorophyll
    • 2 years ago
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    Do you want me to check your 18- month result?

  6. AGummiBear55
    • 2 years ago
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    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
    • 2 years ago
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    Give me the minute to check!

  8. AGummiBear55
    • 2 years ago
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    okay... take your time. :)

  9. Chlorophyll
    • 2 years ago
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    Monthly payment $121.009 = $121.01

  10. AGummiBear55
    • 2 years ago
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    Ahh!! You're amazing!! :D Thank you so so much..

  11. Chlorophyll
    • 2 years ago
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    Open the new post for the next question :)

  12. AGummiBear55
    • 2 years ago
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    okay. :)

  13. AGummiBear55
    • 2 years ago
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    the question is open... :)

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