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OpenStudy (anonymous):
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?
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OpenStudy (tkhunny):
Month 0: 3240 Month 1: 3240(1 + 0.2045/12) - 1150 = ? Month 2: ?(1 + 0.2045/12) - 1150 = ?? Month 3: ??(1 + 0.2045/12) - 1150 = ??? Did we pay it off, yet?
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