Math

You decide to buy a 60 in plasma TV. You borrow $4300 from the electronics store at1.8% per month simple interest, with no payments due for 2 years from the date of purchase. How much will you owe on the loan after 15 months?

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  1. so your debt would have grown to ...

    4300(1.018)^15 = 5619.38

    don't you love those "no payments for 2 years deals" ?
    They always forget to tell you there is still interest involved.

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  2. not quite. It was simple interest, not compound.

    4300(1+.018*15) = 5461.00

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  3. Thank you Steve.

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