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?

$4,004.92

$2,839.23

$4,116.92

$2,772.92

Question

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?

$4,004.92

$2,839.23

$4,116.92

$2,772.92

anonymous · Answer

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tkhunny · Answer

Don't tag the world.  This is how I count tags, One, Two, Spam!  Just don't do it.

Give it a shot.  Help is much more likely and more likely to be helpful if you show YOUR work.