Calculate the Balance Under the Given Assumptions

question 69

Multiple Choice

Calculate the balance under the given assumptions.
-Find the savings plan balance after 3 months with an APR of 4% and monthly payments of $155.

• A)$396.57
• B)$2002.65
• C)$1702.25
• D)$466.55

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Definitions:

Selling Price

The amount at which a product or service is sold to customers.

Markup Percent

Defines the percentage increase applied to the cost price of goods to determine their selling price.

Motorcycle

A two-wheeled vehicle that is powered by an engine, typically with a capacity for one or two riders.

Selling Price

The amount of money for which a product or service is sold to consumers.