Mike's Sporting Goods Sells Elliptical Trainers Under Two Payment Plans

question 54

Multiple Choice

Mike's Sporting Goods sells elliptical trainers under two payment plans: cash and installment. Under the installment plan, the customer pays $90/month over 5 years with interest changed on the balance at a rate of 19%/year compounded monthly. Find the cash price for an elliptical trainer if it is equivalent to the price paid by a customer using the installment plan. Round your answers to two decimal places. ​

• A) $3,469.47
• B) $3,452.28
• C) $3,464.42
• D) $3,492.47
• E) $3,502.80

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