6
InstructionMultiple Choice

Long Term Purchases

Question 6 • 26-27 Ignite Technical Math-Financial Math - MA2007

Nicole used her credit card to buy a $1,255 mattress. Her credit card has an APR of 11.56%, compounded monthly, and the mattress was the only purchase on the card. Nicole paid off the mattress after two and a half years. If the sales tax in Nicole’s area is 9.08%, how much interest did Nicole pay in total? (Round all dollar values to the nearest cent.)

Answer
A
$213.85
B
$456.20
C
$196.10
D
$327.86
Previous
Next