Asked by Mike
You decide to buy a 60 in plasma TV. You borrow $4300 from the electronics store at1.8% per month simple interest, with no payments due for 2 years from the date of purchase. How much will you owe on the loan after 15 months?
Answers
Answered by
Reiny
so your debt would have grown to ...
4300(1.018)^15 = 5619.38
don't you love those "no payments for 2 years deals" ?
They always forget to tell you there is still interest involved.
4300(1.018)^15 = 5619.38
don't you love those "no payments for 2 years deals" ?
They always forget to tell you there is still interest involved.
Answered by
Steve
not quite. It was simple interest, not compound.
4300(1+.018*15) = 5461.00
4300(1+.018*15) = 5461.00
Answered by
Reiny
Thank you Steve.
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