ch sells for $1020. Instead of paying the total amount at the time of purchase, the same couch can be bought by paying $400 down and $60 a month for 12 months. How much is saved by paying the total amount at the time of purchase? A

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A: The correct option is  D. 10.63% Please see the next step for the solution

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A: In this we need to calculate the present value of both option and select the best.

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A: Present Value:   The present value is the value of the sum received at time 0 or the current period.…

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A:

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