A Man Purchased a New Laser Printer for His Computer

question 71

Short Answer

A man purchased a new laser printer for his computer for $1100 and agreed to pay off the loan by making monthly payments of $59.If the store charges an interest rate of 12.2% compounded monthly,how many months will it take to pay off the debt?

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Definitions:

Rank

A position in a hierarchy that often denotes levels of authority or status within organizations, societies, or military.

Basic Resources

Fundamental elements or inputs needed for the functioning of an economy or ecological system, such as water, minerals, energy, and arable land.

Equal

Describes a state of being the same in quantity, size, degree, or value, often applied to mathematical entities, rights, and opportunities.

Smallpox

A highly contagious viral disease characterized by fever, weakness, and skin eruptions, eradicated by vaccination by 1980.