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elgallo8773
25.03.2020 •
Mathematics
Cedric purchased a new refrigerator and stove at Home Depot for $3,729 on a deferred payment plan with no down
payment and no payment at all for three months. If the entire $3,729 is paid in full before three months is up, there is no
interest. If it is not paid in full within the three months, there is a finance charge with an APR of 25.5% applied each month
going back to the first month. If Cedric makes the full payment a week after the three months expired, what is the finance
charge?
a. $187.92
c. $116.80
b. $145.52
d. $242.81
Solved
Show answers
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Ответ:
correct option is d. $242.81
Step-by-step explanation:
given data
APR = 25.5% =
= 2.125
paid = $3,729
solution
we get here finance charge on the 1st month by multiplying 3,729 and now adding it to existing balance
so we get finance charge for the second and third months similarly as
APR ÷ 100 =
= 0.02125
so 1st
= $3,729 × 0.02125
= 79.25
and
$3,729 + $79.25 = $3808.24
so for next
= $3808.24 × 0.02125
= 80.93
and
$3808.24 + $80.93 = $3889.17
so for next
= $3889.17 × 0.02125
= 82.64
and
$3889.17 + $ 82.64 = $3971.81
so
finance charge = 3971.81 - 3729
finance charge = 242.81
so correct option is d. $242.81
Ответ: