Question: You've just bought a new flat screen TV for $2,000 and the store you bought it from offers to let you finance the entire purchase

You've just bought a new flat screen TV for $2,000 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 15% compounded monthly. If you take the financing and make monthly payments of $109, how long will it take to pay the loan off? How much will you pay in interest over the life of the loan? (That is, what is the difference between the total of all your payments and the amount of your payments that went toward your principal of $2,000?) To pay off the loan, it will take approximately nothing months.

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