If a furniture store offers to sell a refrigerator priced at $1195 on a conditional sale contract

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If a furniture store offers to sell a refrigerator priced at $1195 on a conditional sale contract requiring 12 monthly payments of $110 (including a payment on the date of sale), what effective rate of interest is being charged to the customer?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 07:58 AM

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If a furniture store offers to sell a refrigerator priced at $1195 on a conditional sale contract

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Business Mathematics In Canada

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