Mark’s new car is a lemon. It breaks down within 6 months of purchasing the car. Mark cannot afford the repairs so he charges $2,000 in car repairs on the store account and plans on paying a minimum monthly fee of $50. The card carries a 25% Annual Percentage Rate (APR). How much are those car repairs really costing Brent and when will he pay off the amount owed?

Question

28-05-2016
Mathematics

contestada

Mark’s new car is a lemon. It breaks down within 6 months of purchasing the car. Mark cannot afford the repairs so he charges $2,000 in car repairs on the store account and plans on paying a minimum monthly fee of $50. The card carries a 25% Annual Percentage Rate (APR). How much are those car repairs really costing Brent and when will he pay off the amount owed?

Respuesta :

Otras preguntas

Read this thesaurus entry for the word justification: justification noun synonyms rationalization, rational, basis, explanation, pretext antonyms opposition, qu

3.33g of an organic compound dissolved in 150.g of carbon tetrachloride has a bp of 78.5ºC. What is the molecular weight of the substance? The normal bp for car

a project manager has identified a number of tasks in an upcoming project with dependencies. most of the dependencies are start to finish. what situation is thi

The HCl molecule is excited to its first rotational energy level, corresponding to $\ell=1$. If the distance between its nuclei is 0.1275 nm, what is the angula

Would the change in starting pH of MSA plates discussed in question... a) Impact the growth of specific microorganisms. b) Influence the fermentation of mannito

Stephen is making a rectangular garden. He has purchased 83 feet of fencing. What length and width will maximize the area of a garden with a perimeter of 84 fee

Why is the molar enthalpy of vaporization of a substance much higher than the molar enthalpy of fusion?

Which sentence from the text most strongly supports the answer to Question 7? Answer choices for the above question A. “Earlier in the summer of 1938 he had b

in Frederick douglass Why does Frederick contend that Mr. Covey does not turn him in?

Аноним Аноним · Answer 1 · 2016-06-02T11:06:46+02:00

Аноним Аноним

02-06-2016

The worth of the repairs is actually $3,686.25 and the amount will be paid off after 6.07 years. This is assuming that the APR is effective and compounded per year.
The $50 can be converted to a Future Value per year before the rest of the given can be used.

Answer Link