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Mia Lane Bought a High-Definition Television for $7,500

Question 29

Multiple Choice

Mia Lane bought a high-definition television for $7,500. Based on her income, she could afford to pay back only $600 per month. There is 1 ½% monthly interest charge on the unpaid balance. The U.S. Rule is used in the calculation. At the end of month 1, the balance outstanding is:


A) $6,012.50
B) $5,012.50
C) $4,012.50
D) $3,012.50
E) None of these

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