Mathematics for Data and Financial Literacy

A customer at a furniture store opened a store credit card to purchase a dining set for $900. The store put the entire purchase on the credit card with an APR of 29.99%, compounded monthly. The customer pays $80 per month until the balance is paid off. Determine the total amount of interest paid?

A spreadsheet was used to calculate the correct answer. Your answer may vary slightly depending on the technology used.

$232.66
$170.09
$274.81
$117.04

Question

Mathematics for Data and Financial Literacy

A customer at a furniture store opened a store credit card to purchase a dining set for $900. The store put the entire purchase on the credit card with an APR of 29.99%, compounded monthly. The customer pays $80 per month until the balance is paid off. Determine the total amount of interest paid?

A spreadsheet was used to calculate the correct answer. Your answer may vary slightly depending on the technology used.

$232.66
 $170.09
 $274.81
 $117.04

snowie · Answer

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