You purchase a new TV with a store credit card for $800. You have a year to pay off the TV, but interest accrues. The nominal rate is 12% compounded weekly. You pay back the full amount plus interest in one year, How much do you owe? a. 866.51 O b. 832.59 O c. 901.87 d. 896

You purchase a new TV with a store credit card for $800. You have a year to pay off the TV, but interest accrues. The nominal rate is 12% compounded weekly. You pay back the full amount plus interest in one year, How much do you owe? a. 866.51 O b. 832.59 O c. 901.87 d. 896

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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You purchase a new TV with a store credit card for $800. You have a year to pay off the TV, but interest accrues. The nominal
rate is 12% compounded weekly. You pay back the full amount plus interest in one year, How much do you owe?
O a. 866.51
O b. 832.59
O c. 901.87
O d. 896

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