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How much will you still owe

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Question - You purchased $6,000 worth of furniture and accepted the store's in-store financing option to buy using "90 days same as cash." You are required to make monthly payments but the store does not specify a minimum payment. How much would you choose to pay each month and why? Suppose you paid back only $3500 before the 90-day deadline. If the store charges a 22% annual simple interest rate, how much will you still owe? Use the assumptions provided in the article under the heading "Losing Your Interest-Free Days."

Reference no: EM133068987

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