Answer:
Rounding to the next dollar, the total amount of interest paid by Jake is $ 923.00
Step-by-step explanation:
1. Let's review the information given to us to answer the question correctly:
Gaming system and equipment cost = $ 2,200
Annual interest rate = 28%
Monthly payment = $ 100
2. What is the total amount of interest based on the APR?
Using Excel, we calculated the total number of months to pay the gaming system and the total interest, as you can read below.
Rounding to the next dollar, the total amount of interest paid by Jake is $ 923.00
