What will the total cost of the power tools be, Accounting Basics

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What will the total cost of the power tools be

Problem

Jaime purchased some power tools totaling $1,893 using a six-month deferred payment plan with an interest rate of 26.38%. He did not make any payments during the deferment period. What will the total cost of the power tools be if he must pay off the power tools within two years after the deferment period?

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Accounting Basics: What will the total cost of the power tools be

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Accounting Basics: What will the total cost of the power tools be

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