Question

Jerry buys a $2,700 motorcycle on a deferred payment plan. There is no down payment and no interest for eighteen months. Jerry must make a minimum payment of $75 a month. To avoid a retroactive APR of 21%, he must pay the balance in full before the 18 months has passed. If he pays $75 each month, how much should he pay the last month to avoid the interest charges?

Answer 1

For the answer to the question above, the answer to your question is seen below.To avoid paying the retroactive APR of 21% he will pay if cannot pay on time, Jerry’s last month payment must be $ 1,425.

i hope my answer helped you.