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kenny6666 [7]
2 years ago
13

Margaret uses a credit card with a 21.7% APR compounded monthly to pay for her car repairs totaling $692.77. She can pay $290 pe

r month on the card. What will the total cost of this purchase be?
A. $692.77

B. $715.21

C. $827.98

D. $843.10

RIGHT ANSWER GETS BRAINLIEST!
Mathematics
2 answers:
igomit [66]2 years ago
3 0

Answer:

B. $715.21

Step-by-step explanation:

Apparently, Margaret makes her first payment after she has incurred a finance charge on the amount.

At the end of the first month, the balance due is ...

... 692.77×(1 + 0.217/12) = 705.30

At the end of the second month, the balance due is ...

... (705.30 -290)×(1 +0.217/12) = 422.81

At the end of the third month, the balance due is ...

... (422.81 -290)×(1 +0.217/12) = 132.81

Margaret makes total payments of $290×2 +132.81 = $712.81

Of the choices listed, the best selection is ...

... B. $715.21

_____

<em>Comment on the answer choice</em>

The total $715.21 seems to also include a finance charge on the final payment amount. (It actually includes a charge on $132.72, which is slightly different from the final payment amount.) There will not be any such charge, so the <em>available answer choices are all in error</em>.

Actually, we expect the total cost to be closer to $702.25, because we expect that Margaret will make her first payment before any finance charges are incurred.

_____

You should ask your teacher to show you in detail how to work this problem.

nadezda [96]2 years ago
3 0

Your answer would be B

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