Ibrahim wants a new big-screen TV and Dolby digital stereo. He figures the system will cost $3000.
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Ibrahim wants a new big-screen TV and Dolby digital stereo. He figures the system will cost $3000. The store will finance up to $2500 for 2 years at a 10.5 percent interest rate, compounded monthly. Assuming Ibrahim accepted the store’s financing, how much would he have saved in total interest if he had increased his down payment to $1000?
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As per the calculation below Ibrahim will make monthly payments of 11594 based on the store...View the full answer
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