Question: A vacuum cleaner was purchased on the installment plan with 12 monthly payments of $36.98 each. If the cash price was $415 and there was

A vacuum cleaner was purchased on the installment plan with 12 monthly payments of $36.98 each. If the cash price was $415 and there was no down payment, find the annual percentage rate.

Step by Step Solution

★★★★★

3.33 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Total paid 369812 44376 Interest 44376 415 2... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

724-B-F-F-M (2791).docx

120 KBs Word File

Students Have Also Explored These Related Finance Questions!

An electric mixer was purchased on the installment plan for a down payment of $60 and 11 monthly payments of $11.05 each. The cash price was $170. Find the annual percentage rate.

Office equipment was purchased on the installment plan with 12 monthly payments of $11.20 each. If the cash price was $120 and there was no down payment, find the annual percentage rate.

A new desk for an office has a cash price of $ 1,500 and can be purchased on the installment plan with a 12.5% finance charge. The desk will be paid for in 12 monthly payments. Find the amount of the...

section 13.1 2. Determine the accumulated value after 12 years of deposits of $ 360 made at the beginning of every 3 months and earning interest at 7% compounded quarterly. 8. Claude made semi-...

A printer's cash price is $578. It can be purchased on the installment plan in 15 monthly payments of $46. What is the installment price if no down payment was made? $567 $200 $690 $112

Example 1 Blake and Jacqueline Toepfer are purchasing a $1,399.99 side-by-side refrigerator with an installment loan that has an APR of 12%. The store financing requires a 10% down payment and 12...

1) A car selling for RM36,000 cash can be purchased by paying 20% down and the balance can be settled by making monthly payments for 4 years at 8.5% per annum on the original balance. If the car is...

I need help with the answers to the questions in the screenshots provided. Page number and question needed are listed on each screenshot. Please help. QUICK 12.1 Exercises A family refinanced the...

I need help with these questions in the screenshots below. The screenshots show the page number and which questions I need answers to. Please type the answers if you can as I have difficulty reading...

UNIT 5 QZ, Q-20 UNIT 5 / UNIT 8 QUESTIONS KEEP ANSWERS SEPARATE BY UNITS UNIT II STUDY GUIDE Consumer Mathematics Reading Assignment See information below. Key Terms 1. Add-on interest method 2....

For a chi-squared distribution find X2a such that (a) F(X 2 > X 2 a ) = 0.01 when v = 21: (b) P(X 2

If it is assumed that, for steel alloys, the average cooling rate of the heat-affected zone in the vicinity of a weld is 10C/s, compare the microstructures and associated properties that will result...

f the following adjusting entry is omitted, what effect will it have on net income? AccountDebitCreditDepreciation Expense 3 , 0 0 0 Accumulated Depreciation 3 , 0 0 0 a . Net income will be...

Assess the likely usefulness of secondary research to Carlos.

An investor paid $4271.17 to purchase a $10,000 face value strip bond for her RRSP. At this price the investment will provide a return of 6.47% compounded semiannually. How long (to the nearest day)...

An investors portfolio increased in value by 53% over a five-year period while the Consumer Price Index rose from 121.6 to 135.3. What was the annually compounded real rate of return on the portfolio...

A portfolio earned -13%, 18%, 5%, 24%, and -5% in five successive years. What was the portfolios five-year compound annual return?

A survey asked senior executives at large corporations their opinions about the economic outlook for the future. One question was, "Do you think that there will be an increase in the number of...

Quad Enterprises is considering a new 3-year expansion project that requires an initial fixed asset investment of $3.6 million. The fixed asset falls into the 3-year MACRS class (MACRS Table) (TIP:...

A recent report in which a major pharmaceutical company released the results of testing that had been done on the cholesterol reduction that people could expect if they use the company's new drug...