Question

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? (2 points) $3,824.92 $4,317.00 $3,165.00 $4,976.92

Answer 1

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

Answer 2

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.28.79/6 = 4.798