You purchased a brand new laptop for an online course you are taking. The online course tuition costs $1000, you paid off the tuition with cash. For the laptop, you paid $2,000 (cash) plus additional $200 (cash) of insurance if the laptop needed repairs within 1 year from purchase date. One month into the brand new laptop you accidentally spilled hot coffee on your laptop. The laptop would not turn on and it requires service or repair. The cost of repair is completely covered by the insurance. However, to complete your online coursework you purchased a used laptop on eBay for $700. You paid for the used laptop with a credit card on which you revolve the balance with an interest rate of 12% annually. You estimate the resale value of the used laptop is $600. Make no other assumptions about anything else.