# SOLUTION: How do you find what the actual yearly interest rate is if you buy something for \$320.00 and you pay \$20.00 down and \$34.00 a month for 10 months.

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 Click here to see ALL problems on Money Word Problems Question 292910: How do you find what the actual yearly interest rate is if you buy something for \$320.00 and you pay \$20.00 down and \$34.00 a month for 10 months. Answer by richwmiller(9144)   (Show Source): You can put this solution on YOUR website!let's find out how how much was paid. c=20+34*10=360 now what was the interest 360-320=40 now the annual percentage i=p*r*t 40=320*r*10/12=3/20=1.5/10=15/100=15% regular percentage would be 40/320=1/8=12.5 %