SOLUTION: The following problem is somewhat confusing. The answer I have is $470., but I don't think it's right. Could I have some help figuring it out. Thank you. Malik purchased a pair of
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-> SOLUTION: The following problem is somewhat confusing. The answer I have is $470., but I don't think it's right. Could I have some help figuring it out. Thank you. Malik purchased a pair of
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Question 131406: The following problem is somewhat confusing. The answer I have is $470., but I don't think it's right. Could I have some help figuring it out. Thank you. Malik purchased a pair of roller blades that were $250. They were on sale for $180. He charged the roller skates on his credit card and made the min monthly payment of $20. When he recieved his first statement he read that the min finance charge was $15 for each month there was a balance on the card. If Malik waited until he had the $250 in hand to pay for the skates. How much would he save. Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! He kept making the monthly payments of $20 and the $15 finance charge
Until $180 is paid off by the $20 payments alone, because the finance
charge does not count toward the $180.
Let = his total payment for the skates
I subtracted $15 at the end because there is $0 balence left after
the last payment
By paying the $250 regular price, he would have saved dollars
