Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $67.26...

Transcribed Image Text:

Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $67.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 17% compounded monthly. a. What was the purchase price of the refrigerator? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Purchase price b. How much interest did Carmella pay during the entire contract? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Interest paid Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $67.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 17% compounded monthly. a. What was the purchase price of the refrigerator? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Purchase price b. How much interest did Carmella pay during the entire contract? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Interest paid

Answer rating: 100% (QA)

Given information in Question EMI6726 Time 24 month for the interest calculation Its ONLY 23 MONTH ... View the full answer