Question: 5-36. You just bought a new tablet computer for $500 including tax. There are no required payments for six months, but the company does

5-36. You just bought a new tablet computer for $500 including tax.

5-36. You just bought a new tablet computer for $500 including tax. There are no required payments for six months, but the company does charge 30% annual interest, compounded monthly, on any unpaid balance. Homework Help a. What is the monthly interest rate? b. Write an equation that models the cost of your tablet each month if you make no payments. c. If you do not make any payments for six months, how much will you owe for your new tablet? d. What is the effective annual rate of interest if you do not make any payments for a year? (Hint: Because the interest is compounded monthly, the effective, or actual annual rate is higher than 30%.)

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