Question

Mitchell has decided to use a credit card to buy a new gaming system. The price of the item with tax is $318. If he makes the minimum payment of $15 each month, it will take him 26 months to pay off the debt at an 18% interest rate. The total interest will be $67.64. How much will the item cost if Mitchell uses a credit card and only makes the minimum payment each month?

Answer 1

Dont know why the person deleted my last comment since it wasnt even bad but again its

385.64.

Explanation:

Did it on edge 2022

Answer 2

The item will cost $385.64.

Explanation:

The price of the item with tax is = $318.

If he makes the minimum payment of $15 each month, it will take him 26 months, this will cost him 15*26=$390

Also given is, the total interest will be = $67.64

The item will cost if Mitchell uses a credit card and only makes the minimum payment each month = 318+67.64 = $385.64