Felicia installed a new pool for $17,190 using a 12-month deferred payment plan with an interest rate of 18.67%. what is the balance after the deferment period if payments of $589 are made each month? a. $10,122.00 b. $20,688.76 c. $13,620.76 d. $17,190.00

a. $10,122.00

Step-by-step explanation:

By definition the deferment period is a time during which a borrower does not have to pay interest or repay the principal on a loan.

In this case the balance should be the initial value $17,190, but Felicia made 12 payments of $589 each one.

So, $589 x 12 = $ 7,068.

$17,190- $ 7,068 = $10,122

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