Find the difference between the cash price and the payment plan and calculate the interest rate for the following questions. A food processor for $149.50 cash, or $5.00 down and $10.00 per month for 15 months

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A food processor for $149.50 cash, or $5.00 down and $10.00 per month for 15 months. [ Interest Rate = 3.68%. [ Solution: Payment plan = Down payment + $10*15 months = $5 + $10*15 = $5 + $150; Difference in cash and plan = $155 - $149.50 = $5.50; (5.50/149.50)*100; Interest Rate = 3.68%. ]

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Asked 2/27/2023 7:00:08 PM

Updated 12/9/2023 10:26:30 AM

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