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Sandy purchased a dining room set for $1,140 using a 12-month deferred payment plan with an interest rate of 26.78%. She did not make any payments during the deferment period. What will the total cost of the dining room set be if she must pay off the dining room set within two years after the deferment period? (2 points) a $1,140.00 b $1,485.70 c $1,935.12 d $2,902.68

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Answer: C.) $1,935.12

Step-by-step explanation:

Using the deferred annuity calculator :

Principal amount = 1140

Interest (r) = 26.78% = 0.2678

Period of payment = 2 years, compounded monthly, n = 24

Using the deferred annuity calculator ; Total balance = $1936.24

Hence, the closest cost in the option is $1,935.12

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