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I am trying to figure out what costs more, paying interest on a table I purchased with no interest for the first month and daily
I am trying to figure out what costs more, paying interest on a table I purchased with no interest for the first month and daily rate of 0.08216 after. After the first bill (I paid $150) I received the bill with a new balance of $1,613.68. That includes the finance charge of $48.39 (avg daily balance of $1,636.12)
My question is, what is the amount of interest I will pay if I pay it off in total of 12 months? (The 12 months are includes the 1st month interest free. My beginning balance was $1,715.29 and I paid $150, 2nd bill balance after the finance charge was $1,613.68)
Thank you
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