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OpenStudy (anonymous):
Adriano purchased a living room set for $4,308 using an 18-month deferred payment plan with an interest rate of 16.59%. What is the balance after the deferment period if no payments are made? I know the answer is 5515.81, I just want to know why. Thanks :D
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OpenStudy (tkhunny):
4308(1 + .1659/12)^18 = 5515.8142
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