How much did you pay overall using the layaway program

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Reference no: EM132048824

At the beginning of August, you decide to buy a 65” TV which costs $2000. You don’t need it until the beginning of February for a Superbowl party you are hosting; so, you decide to put the TV on layaway. For layaway, you have to pay an initial service fee of $15 along with 10% of the cost of the item. After placing the TV in layaway, you pay off the remaining cost of the TV in 26 weeks. If the annual interest rate is 15% compounded weekly (assume 52 weeks in a year), how much are your weekly installments? How much did you pay overall using the layaway program?

Reference no: EM132048824

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