Please help write a response for 1 & 2

5. Slubmerland Zero-Interest Financing Slumberland Furniture Financing (see attachment): Special terms (Zero percent financing for 49 months) apply to purchases of $2499 or more charged with approved credit. Tax and delivery charges are due at time of purchase. Interest will be charged to your account from the purchase date at the regular APR if the purchase balance is not paid in full within the promotional period or if you make a late payment. For newly opened accounts, the regular APR is 27.99%. The APR may vary. Background:You want to buy and charge a piece of furniture that costs $3,000. If you didn't have good credit and had to pay interest, your monthly payment would be $100 per month (assuming you made all payments on time). Note: Total Payment (including interest) = Monthly pay (incl. interest) * # months. Total Interest = Total Pay (incl. interest) - Amount of Purchase Challenge: Suppose you want to spend $3,000 on furniture and so you open a new account. You have approved credit and are approved for their special zero-interest financing. 1. How much would you have to pay in interest if you make the first 48 payments on time, but are late on the last payment (#49)? Assume there is no late fee other than any interest owed. 2. Analyze and evaluate Slumberland's Furniture Financing policy. 5. Slubmerland Zero-Interest Financing Slumberland Furniture Financing (see attachment): Special terms (Zero percent financing for 49 months) apply to purchases of $2499 or more charged with approved credit. Tax and delivery charges are due at time of purchase. Interest will be charged to your account from the purchase date at the regular APR if the purchase balance is not paid in full within the promotional period or if you make a late payment. For newly opened accounts, the regular APR is 27.99%. The APR may vary. Background:You want to buy and charge a piece of furniture that costs $3,000. If you didn't have good credit and had to pay interest, your monthly payment would be $100 per month (assuming you made all payments on time). Note: Total Payment (including interest) = Monthly pay (incl. interest) * # months. Total Interest = Total Pay (incl. interest) - Amount of Purchase Challenge: Suppose you want to spend $3,000 on furniture and so you open a new account. You have approved credit and are approved for their special zero-interest financing. 1. How much would you have to pay in interest if you make the first 48 payments on time, but are late on the last payment (#49)? Assume there is no late fee other than any interest owed. 2. Analyze and evaluate Slumberland's Furniture Financing policy