Charlotte purchased a pool for $7680 using a six-month deferred payment plan with an interest rate of 20.45%. She did not make any payments during the deferment period. What will Charlotte's monthly payment be if she must pay off the pool within three years after the deferment period?
$7680:100%=$x:120.45%, 100x=7680*120.45, x=(7680*120.45)/100, x=$9250.56 Cost of the pool with interest rate is $9250.56. 3yr*12mo=36mo $9250.56/36mo=256.96$/mo
