You've just bought a newflat-screen TV for $4,000 and the store you bought it from offers to

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You've just bought a newflat-screen TV for $4,000 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 11 percent compounded monthly. If you take the financing and make monthly payments of $120, how long will it take to pay off theloan? How much will you pay in interest over the life of theloan?

a. The number of years it will take to pay off the loan is ? 3.3 years

b. The amount you will pay in interest over the life of the loan is?

Posted Date: May 18, 2024 02:14 PM

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