SOLUTION: Kareem purchased a leather jacket for $800 with his new credit card. He budgeted $50 a month to pay toward the debt. When he read the fine print on the credit card statement, he sa
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-> SOLUTION: Kareem purchased a leather jacket for $800 with his new credit card. He budgeted $50 a month to pay toward the debt. When he read the fine print on the credit card statement, he sa
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Question 746361: Kareem purchased a leather jacket for $800 with his new credit card. He budgeted $50 a month to pay toward the debt. When he read the fine print on the credit card statement, he saw that for each month he owed a balance, a finance charge of $17.50 would be added. If Kareem pays $50 per month, how much money will the jacket actually cost? Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = the number of monthly payments that he will make
That will include interest.
The last payment will not have a finance charge, since that will
pay off the jacket.
So, for payments, $17.50 will be add on. That means will actually go towards the balance
each month.
The last month's payment will be $50, all towards balance
I can say:
It looks like he could do it in 24 payments
The last payment would have to be slightly more than $50
The last payment would be $52.50
