Question

I really need help!!!! Fast please

Answer 1

Answer:

approx 15%

Step-by-step explanation:

Allison puts $250 down and following that she makes 12 monthly payments of $124.49.  The sum of her payments (total cost) is thus $250 + (124.49/month)(12 months) = $1743.88

The total interest she pays is $1743.88 - ($124.49/month)(12 months), or

$250

We use the simple interest formula:  i = prt, where t is the number of years, and r is the interest rate as a decimal fraction:

$250 = $1599.99*r*1.

                                                                     $250

Solving this for r by division, we get r = --------------- = 0.1463, or approx 15%

                                                                  $1599.99