lexij113 lexij113

01-01-2017
Mathematics

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Sarah bought a lawn more for $320. She signed up for the buy now pay later plan at the store with the following conditions :$100 down and payments of $25 for the next 12 months. The extra costs paid by taking this plan is equivalent to what actual yearly rate of interest?

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apologiabiology apologiabiology

01-01-2017

100+25*12=
100+300=
400

400-320=80

I=PRT
I=80
P=principal=320
T=1 year
R=?

80=320*1*?
80=320?
divide both sides by 320
0.25=?
that is 25%

answer is 25%

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