Ralph has just borrowed $1800 to purchase a new stereo, at a nominal rate of interest of 11.8% convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 7 months. If he will make 24 monthly payments, how much interest is in the 17th payment?

Answer rating: 100% (QA)

First we must find the monthly rate by equating it to nominal rate nominal rate 10118 1 month... View the full answer