What is the balance at the beginning of thirteenth month

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Reference no: EM132739803

Problem 1: Harmony purchased a jet ski for $1,381 using a 12-month deferment plan. The interest rate is 19.57%. A down payment of $275 is required as well as a minimum monthly payment of $47. What is the balance at the beginning of the 13th month if only the minimum payment is made during the introductory period?

A. $1,295.95

B. $778.95

C. $837.87

D. $1,342.95

Reference no: EM132739803

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