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A company purchases heavy cable and 4-inch conduit on credit and agrees to pay 12% interest rate per annum. Purchases are made in July for the cable costing $925.00 and in October for conduit costing $1,500.00. If full payment is made on June 1 of the following year, how much is paid? (Charge interest for the full month of purchase.) $2,623.00 $2,646.75 O $2,425.00 O $221.75

A company purchases heavy cable and 4-inch conduit on credit and agrees to pay 12% interest rate per annum. Purchases are made in July for the cable costing $925.00 and in October for conduit costing $1,500.00. If full payment is made on June 1 of the following year, how much is paid? (Charge interest for the full month of purchase.) $2,623.00 $2,646.75 O $2,425.00 O $221.75

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 2E
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A company purchases heavy cable and 4-inch conduit on credit and agrees to pay 12% interest rate per annum.. Purchases are made in July for the cable costing $925.00 and in October for conduit costing $1,500.00. If full payment is made on June 1 of the following year, how much is paid? (Charge interest for the full month of purchase.) O $2,623.00 O $2,646.75 $2,425.00 O $221.75
Transcribed Image Text:A company purchases heavy cable and 4-inch conduit on credit and agrees to pay 12% interest rate per annum.. Purchases are made in July for the cable costing $925.00 and in October for conduit costing $1,500.00. If full payment is made on June 1 of the following year, how much is paid? (Charge interest for the full month of purchase.) O $2,623.00 O $2,646.75 $2,425.00 O $221.75
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