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You purchase a computer for $875.00 plus 5% sales tax.
You decide to finance it through the store's 0% program for 12 months. The terms state you pay nothing until the 12 months are over. When you receive the
bill, you forget to pay it and are assessed a late fee of $39.00 plus the interest accrued to that point at 14.25% APR. How much interest will you be charged?

O $130.25
• $130.92
O $136.48
O $124.69

Respuesta :

You will be required to pay $130.92 in interest. So, option 2 is correct.

What is meant by interest?

Simple interest is calculated using the following formula: Simple Interest (SI) is calculated as P R T / 100. P stands for the principal sum, R for the interest rate, and T for the interest period. The total amount due is the sum of the principal plus the simple interest, or P + SI.

This specific percentage represents the loan's interest rate. The cost of borrowing money is called interest, and it is usually expressed as a percentage, such as an annual percentage rate (APR). Interest may be paid to lenders for the use of their money.

You shell out $875.00 for a PC plus 5% sales tax.

Thus, the final price is 875+(0.05875)

= $918.75.

Rate per month: 14.25/12/100

= 0.011875

So, the rate for a year is 12 x 0.011875

=$130.92.

Therefore, you will be required to pay $130.92 in interest.

Hence, option 2 is correct.

To know more about interest, visit:

https://brainly.com/question/28792777

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