*Advance Algebra With Financial App*

Mario opens a store credit card when he purchases new carpeting. The interest rate is 20.45%. He charges $3,240 to the card, and can pay $1,150 per month. What will the total cost of his purchase be?

$3,240.00

$3,349.36

$3,902.58

$4,289.36

Question

*Advance Algebra With Financial App*

Mario opens a store credit card when he purchases new carpeting. The interest rate is 20.45%. He charges $3,240 to the card, and can pay $1,150 per month. What will the total cost of his purchase be?

 $3,240.00

 $3,349.36

 $3,902.58

 $4,289.36

tkhunny · Answer

i = 0.2045 -- Annual Interest Rate
j = I/12 -- Monthly Interest Rate

3204*(1+j) - 1150 = ???