Milo is purchasing a new refrigerator for $4100 using an in-store offer. The store is offering a 60 days same-as-cash loan. This means that at the end of the 60 days, if Milo has paid off the cost of the refrigerator, he owes no added interest charge, but if he does not pay off the entire cost of the refrigerator, he owes simple interest on the original purchase amount, calculated over the entire 60 days. If the annual interest rate is 20.43%, how much would Milo owe on the 61st day if he made no payments during the first 60 days? Round your answer to the nearest cent, if necessary.
Milo is purchasing a new refrigerator for $4100 using an in-store offer. The store is offering a 60 days same-as-cash loan. This means that at the end of the 60 days, if Milo has paid off the cost of the refrigerator, he owes no added interest charge, but if he does not pay off the entire cost of the refrigerator, he owes simple interest on the original purchase amount, calculated over the entire 60 days. If the annual interest rate is 20.43%, how much would Milo owe on the 61st day if he made no payments during the first 60 days? Round your answer to the nearest cent, if necessary.
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Milo is purchasing a new refrigerator for $4100 using an in-store offer. The store is offering a 60 days same-as-cash loan. This means that at the end of the 60 days, if Milo has paid off the cost of the refrigerator, he owes no added interest charge, but if he does not pay off the entire cost of the refrigerator, he owes simple interest on the original purchase amount, calculated over the entire 60 days. If the annual interest rate is 20.43%, how much would Milo owe on the 61st day if he made no payments during the first 60 days? Round your answer to the nearest cent, if necessary.
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