A $3100 item is paid for by end-of-month payments of $350. The interest rate charged is 15% compounded monthly. What is the size of the final payment?

Name: A $3100 item is paid for by end-of-month payments of $350. The interest rate charged is 15% compounded monthly. What is the size of the final payment?
Brand: Quizplus
Rating: 4.9 (51 reviews)

Question

Quizplus · Accepted Answer

The final payment is calculated by determining the remaining balance after the regular payments and applying the interest rate to find the exact amount needed to settle the debt.

A $3100 Item Is Paid for by End-Of-Month Payments of $350