Jenny used her credit card to buy a refrigerator with a base cost of $824. The refrigerator consumed an average of $0. 09 in electricity every day. Jenny made regular monthly payments for three and a half years, at which point the refrigerator was paid off. Over the eight years that Jenny had the refrigerator, it needed repairs three times, costing $68. 75 each time. If Jenny’s credit card has an APR of 10. 54%, compounded monthly, and sales tax in Jenny’s area is 7. 13%, what was the lifetime cost of Jenny’s refrigerator? Assume that Jenny made no other purchases with her credit card, and round all dollar values to the nearest cent. (Remember that leap year occurs every four years. ) a. $1,528. 47 b. $1,622. 46 c. $1,779. 63 d. $1,457. 91 Please select the best answer from the choices provided A B C D.

Compound interest is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest from the previous period.

Jenny used her credit card to buy a refrigerator with a base cost of $824. Jenny made regular monthly payments for three and a half years, at which point the refrigerator was paid off.

The cost of refrigerator after sales tax will be

[tex]\rm cost\ of \ refrigerator = 1.0713 * 824 \\\\cost\ of \ refrigerator = 882.75[/tex]

The amount will be in three and half years will be.

[tex]A = P (1 + \dfrac{r}{12} )^{12*t}\\\\A = 882.76 (1 + 0.0.0088 )^{12*3.5}\\\\A = 882.76 (1 .0088 )^{42}\\\\A = 1275.42[/tex]

The monthly amount will be

[tex]\rm Monthly \ amount = \dfrac{1275.42}{42}\\\\ Monthly \ amount = 30.36[/tex]

Jenny made regular monthly payments is $30.36 for three and a half years.

More about the compound interest link is given below.

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