Your parents’ original purchase price was $1,550.00 plus 7.25% sales tax. they enter into an agreement where the interest (11.75% apr) is waived for the first 12 months provided they make the required monthly payments; otherwise the interest is accrued from the date of purchase. they miss the first payment due date. the late fee is $29.00. how much is the interest?

The interest due to the late payment will be = $195.33 ( A )

Step-by-step explanation:

original purchase price = $1550

sales tax = 7.5%

APR ( annual percentage rate ) = 11.75%

late fee = $29.00

the Apr is the interest charged yearly and it is charged on the principal amount ( original amount ) of the property

The APR on the original purchase will be

11.75% of $1550 = $182.13

from this question the monthly payment of the APR will be

= $182.13 / 12 = $15.18

hence the total interest accrued/paid from the first month due to late payment is = APR payment + late fee

                  =  $182.13 + $29 = $211.13

step-by-step explanation:

i think something is missing in your question because y-1=(x-12) would not pass through the point (-4,-3). because if you replace x by -4 your are supposed to find y=-3 which is not the case her. if you replace x by -4 you find =-15.

i assume the right equation is y-1=1/4*(x-12) because this one is passing through both your points (if you are interested to know how i found that out i can tell you).

in this equation if i replace x by -4 i find y=-3 and if i replace x by 12, i find y=1 so the line representing this equation is passing through those 2 points.

then the standard form of the equation is finding an expression of y in function of x

y-1=1/4*(x-12)

y=x/4-3+1

y=x/4-2

hope that .

do you confirm there was a mistake in the question?