SOLUTION: Bill bought a stereo on his credit card for $500. He plans on paying the minimum payment amount of $20 each month. His credit card adds a fee of $7.50 for each month there is a bal
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-> SOLUTION: Bill bought a stereo on his credit card for $500. He plans on paying the minimum payment amount of $20 each month. His credit card adds a fee of $7.50 for each month there is a bal
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Question 1086757: Bill bought a stereo on his credit card for $500. He plans on paying the minimum payment amount of $20 each month. His credit card adds a fee of $7.50 for each month there is a balance on his account. How many months will it take Bill to pay off the balance? What will he actually pay for the stereo? Found 2 solutions by Boreal, MathTherapy:Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! He will pay down $12.50 a month, the $20 he pays minus the $7.50 charge.
The amount he will pay is (n/2)(a1+an), where n is the number of months, a1 the starting, and an the end (0)
500/12.50=40 months to pay it off.
an=0
n=40
sum is (40/2)($500)=$10,000 will be paid.
You can put this solution on YOUR website!
Bill bought a stereo on his credit card for $500. He plans on paying the minimum payment amount of $20 each month. His credit card adds a fee of $7.50 for each month there is a balance on his account. How many months will it take Bill to pay off the balance? What will he actually pay for the stereo?
It takes him to pay off the $500.
In those 40 months, he pays: for the stereo.
IGNORE all other RIDICULOUS answers, especially one that states that he'll pay a total of $10,000 for a $500 stereo. Who'd be STUPID to do that?
