Problema Solution
Brian bought a new air conditioning unit on his credit card. The unit had a base price of 435. Brian made no other purchases on his credit card. Brian's credit card has an interest rate of 9.4%, compounded monthly, and Brian paid off the balance by making monthly payments for a year and a half. If the sales tax in Brian's area is 8.51%, how much did Brian pay in total?
Answer provided by our tutors
base price = 435
IR = 9.4% copounded monthly
total price = sales tax value + base price = 37.01 = 435 = 472 (apx)
FV = 472*(1+ 0.094/12)^18 = 543