Question 38 • FowU - Financial Math - B
First include sales tax: $986 × 1.0822 = $1,067.05. At 9.26% APR compounded monthly, the monthly rate is 0.0926 ÷ 12, and the 60-payment loan calculation gives a monthly payment of about $22.29; 60 payments total $1,337.40. The stove used 11 × 365 + 2 = 4,017 days, so electricity cost $4,017 × $0.14 = $562.38, and maintenance cost 11 × $24.25 = $266.75. Adding these costs gives $1,337.40 + $562.38 + $266.75 = $2,166.53, choice B.
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