Answer:
Tyrone paid the higher markup rate.
Step-by-step explanation:
Tyrone and Terri both bought sofas with installment loans.
Tyrone bought his own with a sticker price of $1350 by paying $74 a month for 24 months. Therefore,
74 × 24 = $1776
The mark up = $1776 - $1350 = $426
Tyrone markup rate = 426/24 = $17.75 per month
Terri bought his own with sticker price of $950 by paying $52 a month for 24 months. Therefore,
52 × 24 = $1248
mark up = $1248 - $950 = $298
Terri markup rate = 298/24 = $12.4166666667 = $12.42 per month
