dmillionaire
New member
- Joined
- Sep 15, 2013
- Messages
- 49
Carmella purchased a refrigerator under a conditional sale contract that required 30 monthly payments of $63.06 with the first payment due on the purchase date. The interest rate on the outstanding balance was 18% compounded monthly.(Round to the nearest cent.) |
a. What was the purchase price of the refrigerator? |
i cant seem to find the answer to this question for some reason
ive tried this
i= 18/12 =1.5 = 0.015
n = 29 month
fv = 63.06 ( (1+0.015)^29 -1 / 0.015 ) = 2270.078 + 63.06 = 2331.14
i must be making a simple mistake