Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The price of a stainless steel, freezer refrigerator is $3,201.47. To own the refrigerator, you must make beginning-of-month payments of $33.50 and one final lump-sum
The price of a stainless steel, freezer refrigerator is
$3,201.47.
To own the refrigerator, you must make beginning-of-month payments of
$33.50
and one final lump-sum payment at the very end of the term in order to pay off the balance outstanding. The manufacturer offers a 60-month term at a rate of
6.2%
APR. What is the buyout at the end of the term?
The buyout at the end of the term is
$nothing.
(Round to the nearest cent as needed.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started