SOLUTION: O.K., my caps lock is off. ????
You are paying off a large screen t.v. that costs $3,000 with 24 monthly payments of $162.50. What is the annual simple interest rate that was char
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-> SOLUTION: O.K., my caps lock is off. ????
You are paying off a large screen t.v. that costs $3,000 with 24 monthly payments of $162.50. What is the annual simple interest rate that was char
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Question 735249: O.K., my caps lock is off. ????
You are paying off a large screen t.v. that costs $3,000 with 24 monthly payments of $162.50. What is the annual simple interest rate that was charged?
I've tried the simple interest formula, but I don't understand how to come up with r ( the rate), if thats what I need. Please explain. Thank you. Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! The 24 monthly payments came to
$3,900
The sum of the 24 payments minus the cost =
The simple interest paid each year is
$450
