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7 May, 14:45

Ella has an offer to buy an item with a sticker price of $12,300 by paying $420 a month for 36 months. What interest rate is Ella being offered?

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Answers (2)
  1. 7 May, 17:21
    0
    18.65%

    Explanation:

    Cost = $12,300

    Total Payment = $420 * 36

    = $15,120

    Difference in the cost and payment = $15,120 - $12,300 = $2,820

    Interest rate is the ratio of the interest to the original cost of the item.

    The interest is the difference between the amount paid and the actual cost.

    Interest rate = ($2,820/$15,120) * 100%

    = 18.65%
  2. 7 May, 17:28
    0
    6.9% APEX
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