Becky purchased a home entertainment center for $2,254 using an 18-month deferred payment plan with an interest rate of 22.48%. She did not

Question

Becky purchased a home entertainment center 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 home entertainment center within three years after the deferment period? Please help I’m confused

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Minh Khuê 5 years 2021-08-13T17:00:12+00:00 1 Answers 90 views 0

Answers ( )

  1. Edana
    1
    2021-08-13T17:01:45+00:00
    Reply

    Answer:

    $76.69

    Step-by-step explanation:

    Purchase price = $2254

    Interest rate on purchase = 22.48% = 0.2248

    Payment time-line = 3 years = (3 * 12) = 36 months

    To calculate the Monthly payment :

    Total amount to be paid = (Purchase price + interest on the purchase price)

    Total amount to be paid :

    2254 + (0.2248*2254) = 2760.6992

    Monthly payment :

    Total amount / number of months

    2760.6992 / 36

    = 76.686088

    = $76.69

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