Nicole used her credit card to buy a $1,255 mattress. her credit card has an apr of 11.56%, compounded monthly, and the mattress was the only purchase on the card. nicole paid off the mattress after two and a half years. if the sales tax in nicole’s area is 9.08%, how much interest did nicole pay in total? (round all dollar values to the nearest cent.) a. $213.85 b. $456.20 c. $196.10 d. $327.86

Nicole paid an interest of $213.85 in total.

Step-by-step explanation:

The cost of mattress = 1255

Sales tax rate = 9.08%

Amount after sales tax = dollars

Now, total amount due or p = 1368.95

r =

n = 2 and half years or

EMI formula is =

Putting the values in formula we get;

=

Monthly payment = $52.76

In 30 months she paid = dollars

Interest paid = dollars

So, Nicole paid an interest of $213.85 in total.

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