Sarah bought a lawn more for $320. She signed up for the buy now pay later plan at the store with the following conditions :$100
down and payments of $25 for the next 12 months. The extra costs paid by taking this plan is equivalent to what actual yearly rate of interest?
1 answer:
100+25*12=
100+300=
400
400-320=80
I=PRT
I=80
P=principal=320
T=1 year
R=?
80=320*1*?
80=320?
divide both sides by 320
0.25=?
that is 25%
answer is 25%
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