“In October 2022, I purchased a refrigerator and a washing machine for a relatively low amount, approximately $1,300. I was making minimum payments for two years, but after two years, I noticed that the remaining balance is $2,000. How did this happen?”
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Because you signed the bill
Sorry, there was a problem. Please try again later.You probably only purchased an 18 month or 2 year promotion and the promotion expired and the balance was not paid in full by the term date .
Sorry, there was a problem. Please try again later.2 words. Compounded Interest
Sorry, there was a problem. Please try again later.Did you by chance miss any payments? Or were any of your payments late? If no to any of the questions above you may have purchased the refrigerator during a special promotion which has since expired. Did you purchase it through progressive by any chance? If you don't pay the product off within the time frame they'll add interest which will in turn add to your balance. If no to any of these I would contact them and ask questions as to why this has occurred and what can you do to lower the cost on your end.
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