formula 5 points jaime bought a bed for $760. no down payment was required. jimmy must pay $63 per month for…

formula 5 points jaime bought a bed for $760. no down payment was required. jimmy must pay $63 per month for the next 1 1/2 years. how much interest will he pay? round to the cent answer

formula 5 points jaime bought a bed for $760. no down payment was required. jimmy must pay $63 per month for the next 1 1/2 years. how much interest will he pay? round to the cent answer

Answer

Explanation:

Step1: Calculate total payments

First, convert 1 1/2 years to months. 1.5 years * 12 months/year = 18 months. Then find the total amount paid over 18 months. The monthly payment is $63, so total payments = $63×18 = $1134.

Step2: Calculate interest

The cost of the bed is $760. Interest = Total payments - Cost of item. So, interest = $1134 - $760 = $374.

Answer:

$374.00