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 ->
Customizable Word Problem Solvers
-> Finance
-> 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)
Log On
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.
