Question

. You bought a dual refrigerator/freezer for $859 on the 12 months is the same as cash plan. The terms of the plan on the contract stated that if not paid within 12 months, you would be assessed 11.5 percent APR for the amount on the first day of the plan. If you pay the appliance in 11 months, how much will you have paid?

$859
$957.79
$998
$889

Answer 1

You would have paid in full with on interest so $859

Answer 2

You only have to pay $859.

Explanation:

You bought a dual refrigerator/freezer for $859 on the 12 months is the same as cash plan.

The terms of the plan on the contract stated that if not paid within 12 months, you would be assessed 11.5 percent APR for the amount.

And you paid the appliance in 11 months, so you do not have to pay any additional charges. No interest will be added.

You only have to pay $859 as stated in the contract.