Question

If you make only the minimum payment each month, what will the total cost of the computer be?

$600
$629
$755
$830

(THIS IS ECON)

Answer 1

Answer:

$755

Explanation:

Cost of the computer: $600

APR: 12,9%

Total duration of payment: 2 years

First, let's calculate the amount of interest that will be paid:

A=($600)(0,129)(2)

A=$155

Then, to determine the total cost of the computer you have to add the price of the computer plus the interests:

$600+$155= $755

Answer 2

If you only make minimum payment monthly, the total cost is going to be $755.

How to solve for the total cost

Cost = 600

APR = 0.129

Period =- 2 years

Cost =  $600*0,129*2 = 155

Then the total cost would be 600 + 155

= $755

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