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Novosadov [1.4K]
4 years ago
15

Esteban bought a new stove for $986 on his credit card. He used the stove for eleven years before replacing it. The stove cost h

im an average of $0.14 per day in electricity. Esteban had preventive maintenance done on the stove, costing $24.25 each year for the eleven years. Esteban’s credit card has an APR of 9.26%, compounded monthly. He paid off his balance by making identical monthly payments for five years. Sales tax in Esteban’s area is 8.22%. Assuming that Esteban made no other purchases or payments with his credit card, what was the lifetime total cost of the stove? (Assume that two of the years Esteban had the stove were leap years, and round all dollar values to the nearest cent.) a. $2,534.57 b. $2,166.53 c. $2,234.23 d. $2,064.53
Mathematics
1 answer:
lianna [129]4 years ago
7 0

Answer:

2166.53

Step-by-step explanation:

Price x 1.0822 = 1067.0492 <Price with tax

P= PV x i / 1- (1+i)^-n

^ x (identical monthly payments for 5 years aka 12 x 5)

average cost for electricity x (365 x years aka 11)

cost for maintenance x 11

Add all 3 answers

=2166.53

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