Total amount paid over the next year including the initial down payment and finance charge = $856
The difference between paying in cash for the laptop and this financial arrangement = $106
Cost of laptop=$750
Down payment=$150
Finance charges = $25
Remaining amount =$600
Amount for 1 month including 13.5 % interest=600/12*13.5/100+600/12
=$56.75
Total amount paid over the next year including the initial down payment and finance charge = 56.75*12+150+25 = $ 856
The difference between paying in cash for the laptop and this financial arrangement = $106
Benefits of financing laptop:
A costly laptop can be yours without having to pay in full.
Bank loans and conventional credit card services are not required.
Numerous retailers provide rewards, flexible payment plans, zero-interest rates, and other benefits.
Downsides of financing laptop:
It's dangerous to borrow money because late payments might result in fees and excessive interest rates.
A credit score may suffer if there is no interest charged.
Learn more about financing here:
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