Question

Matthew opens a store credit card when he purchases a new sound system. The interest rate is 22.45%. He charges $4,120 to the card, and can pay $1,450 per month. What will the total cost of his purchase be?

Answer 1

Let

C----------------- > charges for the purchases to the credit card

r------------------- > the interest rate    

X------------------ > total cost of the purchase

 we know that

C=4120

r= 22.45%=0.2245

X=C*(1+r)

 substituting the values ​​in the formula

X=(4120)*(1+0.2245)= (4120)*(1.2245)=5044.94

 the answer is $5044.94

Answer 2

The answer is 4,273.70

Just took the quiz.. Other answer is wrong