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Noel Devine bought a new dishwasher for $320. He paid $20 down and made 10 monthly payments of $34. What actual yearly interest rate did Noel pay? A. 29.09% B. 14.55% C. 34.38% D. 68.75%
Noel Devine bought a new dishwasher for $320. He paid $20 down and made 10 monthly payments of $34. The actual yearly interest rate that paid was 14.55%. Solution: Downpayment + Monthly payment x number of installments = 20 + (34 * 10 ) = 20 + 340 = 360 Interest = 360 - 320 = 40 r = i * 100/ P * nr r = 40 * 100 / 320 * 10/12 r = 4000/266 2/3 = 14.55%
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Asked 4/5/2018 11:49:06 AM
Updated 160 days ago|8/15/2020 9:59:04 PM
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Noel Devine bought a new dishwasher for $320. He paid $20 down and made 10 monthly payments of $34. The actual yearly interest rate that paid was 14.55%.

Solution: Downpayment + Monthly payment x number of installments = 20 + (34 * 10 ) = 20 + 340 = 360 Interest = 360 - 320 = 40 r = i * 100/ P * nr r = 40 * 100 / 320 * 10/12 r = 4000/266 2/3 = 14.55%
Added 160 days ago|8/15/2020 9:59:04 PM
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Updated 160 days ago|8/15/2020 9:57:07 PM
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