Martina has been saving up for a leather dining room set for months. Today she found a dining set the loves for an unbelievable price of $3,200. She knows that kind of deal won't happen very often and the regular price is $3700. So even though she only has $500 saved so far, she decides to pay the $500 now and put the rest on a credit card. With taxes and warrantees, Martina's credit card is charged $2,700 for the set after the $500 deduction.

If Martina pays $100 per month (the amount she was saving per month) towards the credit card to pay off the couch, how much will the actual price of the couch be if the interest rate on the card is 21% apr. How many months will it take for her to pay it off entirely.   After doing the math - do you think Martina made a wise choice?

Answer rating: 100% (QA)

Ans Martina have to pay for 37 months and she has saved 1312 by purchasing the dinner set through th... View the full answer