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Include Minimum Payment
1. What is the remaining balance on the product immediately after the deferment period if you only made the minimum payment? (Hint: Calculate the value of the minimum payments during the deferment period and then calculate the interest.)
2.If you were required to pay off the product within five years after the deferment period, what would your monthly payment be after the deferment period? (You do not have to show your work here.)
3. If you were required to pay off the product within five years, what is the total cost of the product based on your monthly payment?
4. What is the difference between the total cost of the product and the advertised price?