So confused? esteban bought a new stove for $986 on his credit card. he used the stove for eleven years before replacing it. the stove cost him an average of $0.14 per day in electricity. esteban had preventive maintenance done on the stove, costing $24.25 each year for the eleven years. esteban’s credit card has an apr of 9.26%, compounded monthly. he paid off his balance by making identical monthly payments for five years. sales tax in esteban’s area is 8.22%. assuming that esteban made no other purchases or payments with his credit card, what was the lifetime total cost of the stove? (assume that two of the years esteban had the stove were leap years, and round all dollar values to the nearest cent

Life time total cost of the stove is $2166.53.

Step-by-step explanation:

First we calculate the sale tax of the stove :

986 × 0.0822 = 81.0492

986 + 81.0492 = $1,067.0492

Cost of stove with tax is $1,067. 05

now we calculate per month tax with APR of 9.26%

= 1067.05 (0.0926/12) ÷ [ 1- {}]

= 22.28509250

= $22.29 per month

= $22.29 × 12 × 5 = $1,337.40 for his credit card bill

Now we calculate total electricity cost in 11 yrs. (including 2 leap yrs.)

= 0.14 (365×9 + 366×2)

= 0.14 ( 3285 + 732)

= 0.14 × 4017

= $562.38 cost him of electricity.

In preventive maintenance $24.25 × 11 = $266.75

Now we will add all the expenses :

1338.40 + 562.38 + 266.75 = $2166.53 Total cost

step-by-step explanation:

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step-by-step explanation: