SOLUTION: Joshua bought a computer at a rent-to-own store. The computer costs 3,000 but Joshua will pay $150 a month for 24months. What is the interest rate per year? A) 4%. B)8%. C)10%. D)

SOLUTION: Joshua bought a computer at a rent-to-own store. The computer costs 3,000 but Joshua will pay $150 a month for 24months. What is the interest rate per year? A) 4%. B)8%. C)10%. D)

Algebra.Com

Question 1014573: Joshua bought a computer at a rent-to-own store. The computer costs 3,000 but Joshua will pay $150 a month for 24months. What is the interest rate per year? A) 4%. B)8%. C)10%. D)12%. E)13%
Answer by macston(5194) (Show Source): You can put this solution on YOUR website!
.
(24 months)($150/month)=$3600
$3600-$300=$600
He pays $600 interest over 2 years, or $300 per year.
.
($300/$3000)(100%)=10%
.
ANSWER: He pays 10% interest per year.

RELATED QUESTIONS
You decide to you need a new computer. The cost of the computer is $840. However, the... (answered by richwmiller)

You decide to you need a new computer. The cost of the computer is $1152. However, the... (answered by Fombitz)

Peter bought a computer that normally costs $1,500. The computer is on sale for 15% off.... (answered by josmiceli)

BC sets up practice as an architect investing $10,000 of his own money into a business... (answered by ikleyn)

BC sets up practice as an architect investing $10,000 of his own money into a business... (answered by mananth,ikleyn)

Student Computer Services bought a computer for $3616. The computer depreciates at a... (answered by josmiceli)

A bank features a savings account that has an annual percentage rate of 3.5 % with... (answered by Boreal)

Jacob bought a computer and owes 3000 to the computer store. They charge 7 percent and... (answered by josmiceli)

A computer store has fixed costs of $8,925 per month and a unit cost of $850 for every... (answered by richwmiller)