Question

Mia Lane bought a high definition television for $7,500. Based on her income, she could only afford to pay back $600 per month. There is 1 ½ percent monthly interest charge on the unpaid balance. The U.S. Rule is used in the calculation. At the end of month one, the balance outstanding is:a)$6,012.50
b)$5,012.50
c)$4,012.50
d)$3,012.50
e)None of these