The home depot is advertising a "buy today" and "pay nothing for 12 months" offer...
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The home depot is advertising a "buy today" and "pay nothing for 12 months" offer on their appliances. If you purchase an appliance with the following terms below, what is the implied price of the appliance today (I.e. if not purchased by future installments but paid in cash today)? Terms: Pay $77 each month for 18 months. The first payment starts 12 months from the date of purchase. The interest rate charged is 3% compounded monthly.
Terms: Pay $77 each month for 18 months. The first payment starts 12 months from the date of purchase. The interest rate charged is 3% compounded monthly.
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