Leon's Has a "Don't Pay for One Year" Event on Right

question 47

Multiple Choice

Leon's has a "Don't Pay For One Year" event on right now at the store,so you purchase an Italian,hand-stitched leather sofa.You will pay $1,267.99 for the sofa in one year.Leon's charges 18% annual interest compounded monthly on overdue payments.If you forget and don't pay for the sofa until 6 months after payment is due,how much will you pay for the sofa at that time?

• A) $1,386.48
• B) $1,516.03
• C) $1,657.70
• D) $1,452.06
• E) $1,377.39

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Definitions:

Dead-End Job

A job with little to no possibility of career advancement or personal growth.

Economy

The organized system of human activity involved in the production, exchanging, and consumption of goods and services.

Minimum Wage

The lowest legal amount that can be paid to workers by employers, typically set by government legislation.

Fast Food

Food that is prepared and served quickly, often with an emphasis on convenience and typically from a business specializing in such meals.