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ashadley238
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Aaron purchased a living room set for $3,149 using an 18-month deferred payment plan with an interest rate of 20.29%. What is the balance after the deferment period if no payments are made?


$4,258.39


$3,149.00


$4,154.48


$3,787.93

Verified Answer :

shotgunslayer100

$3,149 compounded monthly for 18 months at 20.29%
3,149 * (1+0.2029/12)^18
is equal to A, the first answer being $4,258.39

By the way, this is assuming that the interest is per year and the deferment period is accumulating interest.

Hope this helped!

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