SOLUTION: Hi Laura buys a camera for $900.00.she pays by 18 monthly installments of $56.10.what is the flat interest rate p.a thanks

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Question 1092229: Hi
Laura buys a camera for $900.00.she pays by 18 monthly installments of $56.10.what is the flat interest rate p.a
thanks
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
(56.10 x 18) - 900 = amount of interest (AI)
(AI/900) x 100 = % interest p.a.