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What is the value of the entire contract on the date of sale

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Question - A washer-dryer combination can be purchased from a department store by making monthly credit card payments of $42.63 for two-and-a-half years. The first payment is due on the date of sale and interest is 17% compounded monthly.

(a) What is the purchase price?

(b) How much will be paid in installments?

(c) How much is the cost of financing?

(d) If an additional $9.00 per month is added to cover a service contract, what is the value of the entire contract on the date of sale?

Reference no: EM132686542

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