Garvin bought skis that cost $500 at the new store opening. The store gave him 60 days free credit

interest-rate
garvin-pay

#1

Garvin bought skis that cost $500 at the new store opening. The store gave him 60 days free credit. However, if he does not pay within 60 days they will charge him a 12 percent annual interest rate. How much interest will Garvin pay if he lets the account go for 90 days.

Answer:

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