contestada

Harriet used her credit card to buy a $779 laptop, which she paid off by making identical monthly payments for two and a half years. Over the six years that she kept the laptop, it cost her an average of $0.36 of electricity per day. Harriet’s credit card has an APR of 11.27%, compounded monthly, and she made no other purchases with her credit card until she had paid off the laptop. What percentage of the lifetime cost of the laptop was interest? (Assume that there were two leap years over the period that Harriet kept the laptop, and round all dollar values to the nearest cent.)
a.
7.03%
b.
13.21%
c.
11.27%
d.
6.97%

Respuesta :

Answer:

7.03%

Step-by-step explanation:

adioabiola

The percentage of the life time cost which was the interest is; Choice B; 13.21%

Percentage and Interest

Since, the APR is compounded monthly at an Annual percentage rate, APR of 11.27%, it follows that;

  • A = 779(1+0.1127)^(2.5)

Hence, the total amount to be paid over the two and half years is; A = $1017.38.

Hence, the interest is given as;

  • Interest = $1017.38 - $779 = $238.38.

The cost of electricity bill at $0.36 per day, (Assuming that there were two leap years over the period).

  • Cost = 0.36((4×365) +(2×366))

  • Cost = $789.12

Hence, the lifetime cost of the laptop is; $789.12 + $1017.38 = $1806.5.

Ultimately, the required percentage is;

  • ($238.38/$1806.5) × 100% = 13.21%

Read more on percentages and interest;

https://brainly.com/question/25793394

Otras preguntas