Henry Devine bought a new dishwasher for \$320. He paid \$20 down and made 10 monthly payments of \$34. What actual yearly interest rate did Henry pay? A. 29.09 B. 34.38 C. 14.55 D. 68.75
Updated 4/15/2014 6:45:59 AM
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User: Henry Devine bought a new dishwasher for \$320. He paid \$20 down and made 10 monthly payments of \$34. What actual yearly interest rate did Henry pay? A. 29.09 B. 34.38 C. 14.55 D. 68.75

Weegy: 14.55 is the actual yearly interest rate that Henry pay. Solution: (320 - 20)/2 = \$150 was the average balance during payoff. [ Total interest payments were (340-320) = \$20 (5/6 yr)* %150*I (per yr) = \$20 I = 0.16 = 16% It is actually a bit lower than that, because the average balance is a bit higher than \$150. So I'd got with 14.55% ]
emdjay23|Points 3329|

User: John Davis makes \$9.75 an hour. He works four hours on Monday, six hours on Tuesday, five hours on Wednesday, five hours on Thursday, and seven hours on Friday. What is his gross pay? A. \$269.98 B. \$263.25 C. \$174.20 D. \$132.70

Weegy: Total hours worked = 4+6+5+5+7 = 27
Gross pay = 27 * 9.75 = 263.25

The correct answer is: D. \$263.25

User: Which of the following best describes term life insurance? A. The insured is covered during his or her entire lifetime. B. The insured pays a premium for a specified number of years. C. The insured pays the premium until his or her death. D. The insured can borrow or collect the cash value of the policy.

Updated 4/15/2014 6:45:59 AM
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The following best describes term life insurance:

B. The insured pays a premium for a specified number of years.

Confirmed by selymi [8/31/2014 12:38:32 AM]

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