Milo is purchasing a new refrigerator for $5500 using an in store offer. The store is offering a 30 day same as cash loan. This means that at the end of the 30 days if Milo has paid off the cost of the refrigerator, he owe no added interest charge, but if he does not pay off the entire cost of the refrigerator, he owes sipe interest on the original purchase amount, calculated over the entire 30 days if the annual interest rate is 22.77%, how much would Milo owe on the 31st day
if he made no payments during the first 30 days? Round your answer to the nearest cent , if necessary



Answer :

Answer:

Step-by-step explanation:

22.77 % is  .2277 in decimal

  each month would accrue  .2277/12 interest

    $ 5500 * .2277/12 = $  104.36 interest

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