15. Barbara purchased a home entertainment center for $2,665 using an 18-month deferred payment plan with an interest rate of 24.36%. She did not
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15. Barbara purchased a home entertainment center for $2,665 using an 18-month deferred payment plan with an interest rate of 24.36%. She did not make any payments during the deferment period. What will Barbara's monthly payment be if she must pay off the home entertainment center within three years after the deferment period? (3 points)
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$74.03
$146.09
$106.29
O
$150.85
16. Jackson purchased some power tools totaling $1,543 using a six month deferred payment plan with an interest rate of 23.76%. He did not make any payments during the deferment period. What will the total cost of the power tools set be if he must pay off the power tools within two years after the deferment period? (3 points)
$1,543.00
$1,735.63
O
$2,197.44
$2,746.80
17. Gilbert is graduating from college in twelve months, but he will need a loan in the amount of $5,125 for his last two semesters. He may either receive an unsubsidized Stafford Loan with an interest rate of 6.8%, compounded monthly, or his parents may get a PLUS Loan with an interest rate of 7.8%, compounded monthly. The Stafford Loan has a grace period of six
months from the time of graduation. Which loan will have a higher balance at the time of repayment and by how much? (3 points)
The Stafford Loan has a higher balance by $134.35
The Stafford Loan has a higher balance by $274.36.
O
The PLUS Loan has a higher balance by $54.79.
O
The PLUS Loan has a higher balance by $85.22.
18. Edgar purchased a living room set for $4,258 using a 12-month deferred payment plan. The interest rate after the introductory period is 18.70%. A down payment of $325 is required as well as a minimum monthly payment of $117. What is the balance after the introductory period if only the minimum payment is made until then? (2 points)
$3,397.16
$4,617.90
$3,330.90
O
$4,734.90
19. Corrina purchased a motorcycle for $8,487. She made a down payment of $2,225. She applied for a four-year installment loan with an interest rate of 11.2%. What is the total cost of the motorcycle after four years? (3 points)
O
$7,797.60
O
$10,022.60
O
$10,568.64
$12,793.64

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