This question was created from sph3u - kinematics unit test with solutions (2)
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This question was created from sph3u - kinematics unit test with solutions (2) https://www.coursehero.com/file/20923870/sph3u-kinematics-unit-test-with-solutions-2/

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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? $3,397.16 $4,617.90 $3,330.90 $4,734.90

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Top Answer

it is given that total loan amount = $4258 down payment = $325 so loan amount after down payment = $4258... View the full answer

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Other Answers

The answer is... View the full answer

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AP = 4258
Y = 18. 7 = 0. 187
n = 12
t = 1
A = 4258 ( 1 + 0. 187) 12()
A = 5126. 16 - amount if no payments
made
($ 11 7 / mo x 12mo ) + $325 down
= $1729
$ 4258 - 1729 = $2529 bal w/o int.
int....

The balance after the... View the full answer

The answer to this question... View the full answer

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