Francine installed a new pool for $11,320 using a 12-month deferred payment plan with an interest rate of 20.67%. What is the balance after the deferment period if payments of $436 are made each month?

Question

cgreenwade2000 · Answer

What are your answer choices for this one?

anonymous · Answer

$6,088.00

 $8,662.75

 $11,320.00

 $13,894.75

cgreenwade2000 · Answer

Again, my answers are coming out completely different. Close, but no dice. I would ask for assistance from a teacher or instructor on exactly when the interest rate applies and how often.

cgreenwade2000 · Answer

If the interest rate is monthly during that 12 months (which would be outrageous), then this is an entirely different problem.

anonymous · Answer

Maybe we should try interest per month and see if thats a answer?

cgreenwade2000 · Answer

Still no good.