A refrigerator sold for 500 the store financed the, Ask an Expert

Economics

A refrigerator sold for $500. The store financed the refrigerator by charging 0.5% monthly interest on the unpaid balance. If the refrigerator is paid for with 30 equal end-of-month payments:

a. What will be the size of the monthly payments?

b. If the first payment is not made until one year after the purchase, what will be the size of the monthly payments?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91409245

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