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?isearch.avg.com/tab?cid={758F4D21-BA02-4162-BDFE-4FB852398D41}&mid=8d44105a37cf47d18e5bd15fa5eb5442-1fd86cc0dfaa876fe3857f8329be3364bc6544b6&lang=en&ds=ft011&pr=sa&d=2012-06-24%2000:19:43&v=14.0.2.14&pid=avg&sg=&sap=nt