PLEASE HELP ME !!!
2 answers:
Answer:
The correct option is B) $10,873.22
Step-by-step explanation:
Consider the provided information.
Beaumont made some home improvements for $8,944 using a six-month deferred payment plan with an interest rate of 21.57%.
First calculate the 21.57% of $8944.
This can be written as:
If no payments are made then he need to pay $8,944 plus 21.57% of $8,944.
Thus, the total amount he needs to pay is:
8944 + 1929.2208 = 10873.2208 ≈ 10873.22
Hence, the correct option is B) $10,873.22
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Answer:
$2,285.76
Step-by-step explanation:
Year Year Interest Total Interest Balance
1 $26.89 $26.89 $2,026.89
2 $27.25 $54.14 $2,054.14
3 $27.62 $81.76 $2,081.76
4 $27.99 $109.75 $2,109.75
5 $28.37 $138.11 $2,138.11
6 $28.75 $166.86 $2,166.86
7 $29.13 $195.99 $2,195.99
8 $29.52 $225.52 $2,225.52
9 $29.92 $255.44 $2,255.44
10 $30.32 $285.76 $2,285.76
Base amount: $2,000.00
Interest Rate: 1.34% (yearly)
Effective Annual Rate: 1.34%
Calculation period: 10 years
