Question

Hannah purchased a jet ski for $1,674 using a 12-month deferment plan. The interest rate is 23.37%. A down payment of $375 is required as well as a minimum monthly payment of $53. What is the balance at the beginning of the 13th month if only the minimum payment is made during the introductory period?

Answer 1

$1,584.30
$1,098.96
$1,001.30
$1,637.30