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What purchased a pair of roller blades that were originally priced at 250 for a sale price of 180. He charged the roller blades on his credit card and made the minimum monthly payment of 20. When he?
Wiki User
∙ 7y ago
If he made a first payment of 20 after the purchase, he would have a balance of 180-20=160, before the card company applied the first 15 charge for finance, so for the first period he will see a balance of 180-20+15=175.
Each month, his balance will change by -20+15=-5, so it will take him, another 32 payments to reduce that 160 to 0. That month, he will pay the $20 balance to get a balance of zero, and so see no more finance charges.
In all, paying the minimum 20 payment each month, he will make 33 such payments for a total of 660. If, instead, he had saved 20 per month, he could have saved 180 in 9 months, or 260 in 13 months. So even if he had to pay the 250 regular price, he would have missed about a year of roller blading, but he would have saved 660-250=410. A price worth paying?
Wiki User
∙ 7y ago
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Malik purchased a pair of roller blades that were originally priced at 250 for a sale price of 180. He charged the roller blades on his credit card and made the minimum monthly payment of 20. When he?
$470
Malik purchased a pair of roller blades that were originally priced at 250 for a sale price of 180 He charged the roller blades on his credit card and made the minimum monthly payment of 20 When?
$470
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