Question

Find I. Choose the right answer. Amount Financed (m) = $1,100 Number of Payments per year (y) = 12 Number of Payments (n) = 18 Total Interest (c) = $88.18
A. 10.6%
B. 10.1%
C. 10.3%

Answer 1

Answer:

10.1

Step-by-step explanation:

Answer 2

B. 10.1%

 (2)(12)($88.18) ÷ [($1100)(18+1)]
        (2,116.32)  ÷ (20,900)
        = 0.1012
        = 10.1%