Following his high school graduation, Brandon buys a new lap…
Following his high school graduation, Brandon buys a new laptop for $1,500 through BestSpend’s payment program, which requires no money down and only a $40/month payment at the end of each month. Interest on purchases through this program accrues at 25% APR compounded monthly. Instead of the $40/month minimum payment, assume that Brandon decides to pay $100 each month. How long will it take Brandon to pay off his laptop now?