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Hillier Hillier
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Posts: 550
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4 years ago
Jessica bought a bedroom suite on credit, signing an installment contract with a finance company that requires monthly payments of $100.00 for 5 years. The first payment is made on the date of signing and interest is 24% compounded monthly.
a) What was the cash price?
b) How much will Tricia pay in total?
c) How much of what she pays will be interest?
Textbook 

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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josanjosan
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Posts: 354
4 years ago
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More questions for this book are available here
a) PV (due) = 100 (1.02)
   = 100(34.76088668)(1.02)
   = $3545.61
b) Total paid = 60(100) = $6000
c) Interest = 6000 - 3545.61 = $2454.39
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Hillier Author
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4 years ago
Thank you, thank you, thank you!
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Yesterday
Thanks
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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