Michael opens a store credit card when he purchases a new computer. The interest rate is 25.45%. He charges $2,380 to the card, and can pay $850 per month. What will the total cost of his purchase be?

$2,380.00

$2,480.20

$2,985.71

$3,160.20

Question

Mathematics

Haleigh Donaldson

14 April, 21:44

Michael opens a store credit card when he purchases a new computer. The interest rate is 25.45%. He charges $2,380 to the card, and can pay $850 per month. What will the total cost of his purchase be?

$2,380.00

$2,480.20

$2,985.71

$3,160.20

+1

Answers (1)

Know the Answer?

Abraham Shelton · Answer 1

The answer is C.

2,380 x 1.2545 = $2,985,71

(the reason you use 1.2545 is to skip the step of having add /.2545 to 2380

This isn't an accurate question however, because credit cards use compound interest.

Michael opens a store credit card when he purchases a new computer. The interest rate is 25.45%. He charges $2,380 to the card, and can pay $850 per month. What will the total cost of his purchase be?$2,380.00$2,480.20$2,985.71$3,160.20

Michael opens a store credit card when he purchases a new computer. The interest rate is 25.45%. He charges $2,380 to the card, and can pay $850 per month. What will the total cost of his purchase be?

$2,380.00

$2,480.20

$2,985.71

$3,160.20