A motor-driven honey extractor has a cash price of $375. The manufacturer offers credit terms, which...
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A motor-driven honey extractor has a cash price of $375. The manufacturer offers credit terms, which include a carrying charge consisting of 8 percent of cash price (not a down payment on the cash price), and payment in full in six equal monthly payments. What is the actual rate of interest for the credit plan? A motor-driven honey extractor has a cash price of $375. The manufacturer offers credit terms, which include a carrying charge consisting of 8 percent of cash price (not a down payment on the cash price), and payment in full in six equal monthly payments. What is the actual rate of interest for the credit plan?
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