Question

(Cash Versus Financing MC)

A car owner pays for new brakes that cost $756.25, with a credit card that has an annual rate of 24.5%. Determine the total amount paid, if the car owner pays $100 a month, until the balance is paid off.

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

$830.52
$73.76
$892.64
$185.28

Answer 1

@phantomdex

Answer 2

u there?

Answer 3

In conclusion, the total amount paid for new brakes that cost $756.25, with a credit card that has an annual rate of 24.5%, is $892.64 if the car owner pays $100 a month until the balance is paid off. This amount includes the initial cost of the brakes and the interest cost of the payments.