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    • 2 years ago

    Susannah purchased ski equipment for $978 using a six-month deferred payment plan. The interest rate after the introductory period is 21.45%. A down payment of $150 is required as well as a minimum monthly payment of $75. What is the balance at the beginning of the seventh month if only the minimum payment is made during the introductory period?

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    1. Chlorophyll
      • 2 years ago
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      $978 - $150 = $828 Apply Compound interest: Balance at the beginning of the seventh month After minimum payment: $ 470.867

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