Question

Jake buys a gaming system and equipment for $2200.00 with a credit card that has a 28% APR. He makes a $100.00 monthly payment. What is the total amount of interest based on the APR? Enter your answer as a dollar amountsuch as: $324.

Answer 1

Answer: $922

Explanation:

I just did it and got it right. make sure to put $ or you will get it wrong

Answer 2

Rounding to the next dollar, the total amount of interest paid by Jake is $ 923.00

Explanation:

1. Let's review the information given to us to answer the question correctly:

Gaming system and equipment cost = $ 2,200

Annual interest rate = 28%

Monthly payment = $ 100

2. What is the total amount of interest based on the APR?

Using Excel, we calculated the total number of months to pay the gaming system and the total interest, as you can read below.

Rounding to the next dollar, the total amount of interest paid by Jake is $ 923.00