Question

Jerry buys a $4,700 motorcycle on a deferred payment plan. There is no down payment and no interest for eighteen months. Jerry must make a minimum payment of $80 a month. To avoid a retroactive APR of 24%, he must pay the balance on full before the 18 months has passed. If he pays $80 each month ,how much should he pay the last month to avoid the interest charges?

Answer 1

$3340 because if he pays $80 a month and we multiply that by 17 we $1360 and if we subtract that by 4500 then we a total last month payment of $3340.

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