SOLUTION: Stephen purchased a diamond engagement ring for $3,000. His down payment was $1700, and he made 24 monthly payments of $59.99. Find the APR

Question 1035514: Stephen purchased a diamond engagement ring for $3,000. His down payment was $1700, and he made 24 monthly payments of $59.99. Find the APR
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Stephen purchased a diamond engagement ring for $3,000. His down payment was $1700, and he made 24 monthly payments of $59.99. Find the APR
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3000-1700 1300
24*59.99 = 1439.76
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Interest paid over 2 years = 439.76
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I = P*r*t
439.76 = 1439.76*r*2
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2r = 0.3054
Rate = 0.1527 = 15.27%
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Cheers,
Stan H.
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