Matthew opens a store credit card when he purchases a new sound system. the interest rate is 22.45%. he charges $4,120 to the card, and can pay $1,450 per month. what will the total cost of his purchase be?

Let

C > charges for the purchases to the credit card

r > the interest rate    

X > total cost of the purchase

 we know that

C=4120

r= 22.45%=0.2245

X=C*(1+r)

 substituting the values in the formula

X=(4120)*(1+0.2245)= (4120)*(1.2245)=5044.94

 the answer is $5044.94

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