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?

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The Answer of 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?

Jessica Bought a Bedroom Suite on Credit, Signing an Installment