New shoes are on SALE. You find a pair you like for $85 dollars. But you...

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New shoes are on SALE. You find a pair you like for $85 dollars. But you only have $45 with you. So, you pay $40 and charge the balance. At 8% interest, what will the balance owed be in six months? (Assume no payments made and simple interest.) New shoes are on SALE. You find a pair you like for $85 dollars. But you only have $45 with you. So, you pay $40 and charge the balance. At 8% interest, what will the balance owed be in six months? (Assume no payments made and simple interest.)

Answer rating: 100% (QA)

First calculate the initial balance owed after paying 40 85 original price 40 pa... View the full answer