Leon's has a "Don't Pay For One Year" event on right now at the store, so you purchase an Italian, hand-stitched leather sofa. You will pay $1,267.99 for the sofa in one year. Leon's charges 18% annual interest compounded monthly on overdue paym
If you forget and don't pay for the sofa until 6 months after payment is due, how much will you pay for the sofa at that time?
A) $1,386.48
B) $1,516.03
C) $1,657.70
D) $1,452.06
E) $1,377.39
A
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