Abe wold bought a new kitchen set at Sears. Abe paid off the loan after 60 days with an interest charge of $9.

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If Sears charge 10% interest, what did Abe pay for the kitchen set (assume 360 days)

2007-03-05 08:08:33 · 4 answers · asked by Ly H 1 in Business & Finance ➔ Credit

How much was the kitchen set?

2007-03-05 08:19:07 · answer #1 · answered by *G* 3 · 0⤊ 0⤋

$K + ($K *.10 * (60/360)) +$9

Where $K = the price of the kitchen set

2007-03-05 16:17:25 · answer #2 · answered by msbedouin 4 · 0⤊ 0⤋

dude $90

2007-03-05 16:16:27 · answer #3 · answered by bryce 2 · 0⤊ 0⤋

$540

10% / 12 months = .0833% per month

60 days= 2 months

2 months* .0833% = .016777

9/.016777=540

2007-03-05 17:51:10 · answer #4 · answered by Matthew M 3 · 0⤊ 0⤋