Margaret uses a credit card with a 21.7% apr compounded monthly to pay for her car repairs totaling $692.77. she can pay $290 per month on the card. what will the total cost of this purchase be? a. $692.77 b. $715.21 c. $827.98 d. $843.10 right answer gets brainliest!

B. $715.21

Step-by-step explanation:

Apparently, Margaret makes her first payment after she has incurred a finance charge on the amount.

At the end of the first month, the balance due is ...

... 692.77×(1 + 0.217/12) = 705.30

At the end of the second month, the balance due is ...

... (705.30 -290)×(1 +0.217/12) = 422.81

At the end of the third month, the balance due is ...

... (422.81 -290)×(1 +0.217/12) = 132.81

Margaret makes total payments of $290×2 +132.81 = $712.81

Of the choices listed, the best selection is ...

... B. $715.21

Comment on the answer choice

The total $715.21 seems to also include a finance charge on the final payment amount. (It actually includes a charge on $132.72, which is slightly different from the final payment amount.) There will not be any such charge, so the available answer choices are all in error.

Actually, we expect the total cost to be closer to $702.25, because we expect that Margaret will make her first payment before any finance charges are incurred.

You should ask your teacher to show you in detail how to work this problem.