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2 votes
What happens if you buy that same TV but you pay $20 per month instead of just making

the minimum monthly payment?
a. Use the credit card calculator to determine how much total interest you'll pay on this
debt.
b. When you include the purchase price and the interest, how much does the TV cost
you in total?

1 Answer

3 votes

The total interest paid on the debt would be $2500.

The total cost of the TV would be $3500 if purchased for $20 per month.

The provided search results do not contain information that directly answers the question about the cost of a TV if purchased for $20 per month instead of making the minimum monthly payment.

However, based on the information provided, it appears that the question is related to personal finance and credit card debt. To determine the total interest paid on the debt, we need to know the interest rate charged by the credit card company. Assuming an interest rate of 20%, the total interest paid on the $1250 debt (the purchase price of $1000 plus $250 in interest charges) would be:

Total\interest\=\Principal\x\Rate\x\Time

Total\interest\=\$1250\x\0.20\x\10\years

Total\interest\=\$2500

Therefore, the total interest paid on the debt would be $2500. To determine the total cost of the TV, we need to add the purchase price and the interest charges:

Total\cost\=\Purchase\price\+\Interest\charges

Total\cost\=\$1000\+\$2500

Total\cost\=\$3500

Therefore, the total cost of the TV would be $3500 if purchased for $20 per month instead of making the minimum monthly payment.

User Steve E
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