Question

Susannah purchased ski equipment for $978 using a six-month deferred payment plan. The interest rate after the introductory period is 21.45%. A down payment of $150 is required as well as a minimum monthly payment of $75. What is the balance at the beginning of the seventh month if only the minimum payment is made during the introductory period?

Answer 1

please help

Answer 2

can you solve it?

Answer 3

I think so....
So the bank will flutter you for 21.45 percent of $978

978*0.2145+978=$1187.781

You're paying extra $209.781 right there <--- vacation money right there my friend.

anyways 'introductory period' is six months $75 a month

75*6=$450

Subtract that from the adjusted total

1187.781-450=$737.781 is left over to repay the bank after six months. Hope you really had to ski cause I would just save a hundred for 9 pay periods which would be like 4 and a half months. It would take less time to pay for the ski's and you would pay less too.

Don't pay the banks.

Answer 4

help please

Answer 5

I just did...