Sonia purchased a pool for $2,150 using a six-month deferred payment plan. The interest rate after the introductory period is 27.99%. No down payment is required, but there is a minimum monthly payment of $35. What is the balance at the beginning of the seventh month if only the minimum payment is made each month during the introductory period?
$2,468.99
$1,940.00
$2,150.00
$2,258.99

Question

Sonia purchased a pool for $2,150 using a six-month deferred payment plan. The interest rate after the introductory period is 27.99%. No down payment is required, but there is a minimum monthly payment of $35. What is the balance at the beginning of the seventh month if only the minimum payment is made each month during the introductory period? 
 $2,468.99 
 $1,940.00 
 $2,150.00 
 $2,258.99

anonymous · Answer

You will need to answer using this method: $35 x interest x 7