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A washer-dryer combination can be purchased from a department store by making monthly credit card payments of $41.09 for three-and-a-half years. The first payment is due on the date of sale and interest is 20% compounded monthly.

Problem (a) What is the purchase price?

Problem (b) How much will be paid in installments?

Problem (c) How much is the cost of financing?

Problem (d) If an additional $9.50 per month is added to cover a service contract, what is the value of the entire contract on the date of sale?

Reference no: EM132906334

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