Fiona installed a new pool for $9940 using a 12 month deferred payment plan with an interest rate of 22.53%. what is the balance after the deferment period a payment of $397 are each month?
a. $7,761.84b. $9,940.00c. $5,176.00d. $12,425.84

A. $7,761.84

Explanation:

Balance after deferment period before any payment made.

A = P(1 + r)^t

A = $9940*(1 + 0.2253)^(12/12)

A = $12179.5

Final balance after monthly payment.

A_f = $12179.5 - (12*397)

A_f = $7415.5

Therefore, The balance after the deferment period A payment of $397 are each month is $7,761.84.

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