Question

Andrew purchased a living room set for $2,276 using an 18-month deferred payment plan with an interest rate of 23.49%. What is the balance after the deferment period if no payments are made?

Answer 1

Can we assume simple interest or ordinary monthly compounding?
Interest rates are usually given per year, so 23.49% per year is 1.9575% or 0.019575 per month.
Compound the $2,276.00 18 times at that rate.