Ahmed buys goods worth $1500. He wants to pay $500 at the end of 3 months, $600 at the end of 6 months, and $300 at the end of 9 months. If the store charges interest of 21%, with monthly compounding, on the unpaid balance, what down payment will be necessary?

Answer rating: 100% (QA)

To determine the down payment necessary for Ahmeds purchase we need to calculate the unpaid balance ... View the full answer