anonymous
  • anonymous
Albert purchased a bedroom set for $4,317 using a six-month deferred payment plan with an interest rate of 28.79%. What is the balance after the deferment period if payments of $192 are made each month?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
that is Economics question, because I do not recognize few words! what does deferment means?
anonymous
  • anonymous
you have to take the Total amount and multiply it by the interest rate to see how much he spend on the purchased bedroom. Then take that amount and compare it to the total amount he pays with $192 per months for 6 months
anonymous
  • anonymous
how do i get the total amount?

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anonymous
  • anonymous
have you gotten the amount from the total amount he purchased the bedroom with the interest rate?
anonymous
  • anonymous
i didnt do anything in this question. i completly dont get it at all :(
anonymous
  • anonymous
Have you been given any equations or formulas that deal with money and interest rates?
anonymous
  • anonymous
no i havnt :(
anonymous
  • anonymous
here are the answer options they gave me. a. $3,824.92 b. $4,317.00 c. $3,165.00 d. $4,976.92
anonymous
  • anonymous
ok, so in this problem we see that Albert purchased a bedroom-set for $4,317 with an add interest rate of 28.79%
anonymous
  • anonymous
ok that makes it easier to see if i'm using the right method to solve this problem
anonymous
  • anonymous
do you know the answer? if so dont tell me just yet can you wh the process?
anonymous
  • anonymous
yeah ill go step by step
anonymous
  • anonymous
ok thank you!
anonymous
  • anonymous
So from the question we see that Albert purchased a bedroom set for $4,317 and with interest of 28.79%. With this information we can tell that he paid $4,317 with an added 28.79%. So we know that \[\frac{ 28.79 }{ 100 } =.2879\] converting percent to decimal
anonymous
  • anonymous
You add the .2879 to $4,317 and you get $4317.2879
anonymous
  • anonymous
you understand so far?
anonymous
  • anonymous
yes i do! so far
anonymous
  • anonymous
Now the question asks how much money do you have after the 6-month payment plan. We know Albert paid $192 per month. Now in total there is an interest rate of 28.79%. We can divide that this total percent to see how much interest he paid per month. \[\frac{ 28.79 }{ 6 } = 4.798\]
anonymous
  • anonymous
@dumbcow can you take the total interest rate and deduce it in this problem to see how much he paid per the 6 month? Would that be acceptable in this problem?
anonymous
  • anonymous
i guess its whatever gets you to the answer lol
anonymous
  • anonymous
Lol i mean it could deter the answer by a lot or by little i just don't want to be misleading
dumbcow
  • dumbcow
@galacticwavesXX , the int rate is annual compounded interest i dont think you are applying it correctly
anonymous
  • anonymous
So is it the I=Prt kind of question because that is what i wasn't sure about?
anonymous
  • anonymous
If i do it my way i get C as my answer but i dont get a whole number i get decimals after $3,165
anonymous
  • anonymous
What i get is 4317.2879 - 1152. 1152 is from 192*6 then i get $3,165.2879
dumbcow
  • dumbcow
that would only be true if interest did not compound...but it does over the 6 month deferred period \[B = 4317(1+\frac{.2879}{12})^{6} - 192*6\]
anonymous
  • anonymous
Ohh okay that was where i wasn't sure..the answer should be A then.
anonymous
  • anonymous
thank you both for helping me!
anonymous
  • anonymous
np even though that problem was kinda tricky

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