Guide :High School

9. Noel Devine bought a new dishwasher for $320. He paid $20 down and made 10 monthly payments of $34. What actual yearly interest rate did Noel pay?

9. Noel Devine bought a new dishwasher for $320. He paid $20 down and made 10 monthly payments of $34. What actual yearly interest rate did Noel pay?
Amount financed320-20=300Total paid34×10=340Interest340-300=40Interest rate((2×12×40)÷(300×11))×100=29.09%Hope it helps ...

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