SOLUTION: Clare wants to buy a used wide-screen TV that sells for $2,000 cash. She will make a down payment of $1,000 and then six monthly payments of $200. What is the full installment pric

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Question 746426: Clare wants to buy a used wide-screen TV that sells for $2,000 cash. She will make a down payment of $1,000 and then six monthly payments of $200. What is the full installment price and the annual interest rate?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
2000-1000=1000
200*6=1200
1000+1200=$2200 total
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(200/1000)/2=0.10=10%