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A local furniture store is offering a deal on a living room set (sofa, two...

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Finance

A local furniture store is offering a deal on a living room set (sofa, two chairs, and a coffee table). The entire set is listed for $4161.13 but can be financed at 14.51% compounded annually. If payments of $400 are made at the beginning of each month, how many months will it take to pay off the furniture?

Select one:

a. 36 months

b. 20 months

c. 12 months

d. 11 months

Answer & Explanation Solved by verified expert
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