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Henry Devine bought a new dishwasher for $320. He paid $20 down and made 10 monthly payments of $34. What actual yearly interest rate did Henry pay?

A) 29.09
B) 68.75
C) 34.38
D) 14.55

Respuesta :

211elizabeth
It would be C. 34.38
34*(1-(1+i)^-10)/i = 300

After calculating this, you will find that the yearly interest will be +/- 28 %

I would pick A.  29.09 because this seems to be the closest answer

hope this helps

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