29. Your parents’ original purchase price was $1,550.00 plus 7.25% sales tax. They enter into an agreement where the interest (11.75% APR) is waived for the first 12 months provided they make the required monthly payments; otherwise the interest is accrued from the date of purchase. They miss the first payment due date. The late fee is $29.00. How much is the interest? (1 point
$195.33
$16.27
$182.13
$15.18

Question

29.   Your parents’ original purchase price was $1,550.00 plus 7.25% sales tax. They enter into an agreement where the interest (11.75% APR) is waived for the first 12 months provided they make the required monthly payments; otherwise the interest is accrued from the date of purchase. They miss the first payment due date. The late fee is $29.00. How much is the interest?  (1 point
$195.33
  $16.27
  $182.13
  $15.18