You decide to buy a 60 in plasma-screen TV. You borrow $4500 from the electronics store at 1.9% per month simple interest, with no payments due for 2 years from the date of purchase. How much will you owe on the loan after 15 months? Round your answer to the nearest whole dollar. A. $5783 B. $5355 C. $6552 D. $4586
Added by Randy M.
Step 1
Interest = Principal × Rate × Time Interest = $4500 × 0.019 × 15 Interest = $1282.50 Now, we need to add the interest to the principal to find the total amount owed after 15 months. Show more…
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