Can someone please help me with this?
Earl purchased a living room set for $3,592 using a 12-month deferred payment plan. The interest rate after the introductory period is 21.80%. A down payment of $275 is required as well as a minimum monthly payment of $112. What is the balance after the introductory period if only the minimum payment is made until then?

Question

Can someone please help me with this?
Earl purchased a living room set for $3,592 using a 12-month deferred payment plan. The interest rate after the introductory period is 21.80%. A down payment of $275 is required as well as a minimum monthly payment of $112. What is the balance after the introductory period if only the minimum payment is made until then?

anonymous · Answer

Answer Choices:

$4,004.92

 $2,839.23

 $4,116.92

 $2,772.92

anonymous · Answer

I really need some help!

anonymous · Answer

I just need the formula. I think I will be able to figure it out from there if I can just remember which formula to use (: