Sharon purchased a sprinkler system for $1,950 using a six-month deferred payment plan. The interest rate after the introductory period is 23.99%. No down payment is required, but there is a minimum monthly payment of $25. What is the balance at the beginning of the seventh month if only the minimum payment is made each month during the introductory period?
a) $2,045.9

b) $2,195.91
c) $1,800.00
d) $1,950.00

Question

Sharon purchased a sprinkler system for $1,950 using a six-month deferred payment plan. The interest rate after the introductory period is 23.99%. No down payment is required, but there is a minimum monthly payment of $25. What is the balance at the beginning of the seventh month if only the minimum payment is made each month during the introductory period?
a)	$2,045.9

b)	$2,195.91
c)	$1,800.00
d)	$1,950.00

directrix · Answer

@kmila03 --> See discussion at the following link: http://openstudy.com/study#/updates/510dc843e4b0d9aa3c47828d