Question: - Chapter 4 Elliot Salrin: Attempt 1 Question 1 (1 point) local rent to own company has a 55 TV special where you can own

- Chapter 4 Elliot Salrin: Attempt 1 Question 1 (1 point) local rent to own company has a 55" TV special where you can own a new TV (worth $430) by making payments of only $70 per month for 24 months. What is the annual NOMINAL rate (APR) of interest that you would be paying if you decided to agree to make the 24 monthly payments? (Please note that this number is very large) Question 2 (1 point) Hunter takes out a $1,000 loan to buy furniture and must make twelve monthly payments (at the end of each month) of $103 to pay back the loan. What is the EFFECTIVE rate of interest that Hunter would be paying if you decided to agree to make the 12 monthly payments? Assume monthly compounding. Question 3 (1 point) You currently owe $10,000 on your credit card. How many months will it will take for you to payoff your credit card if you make the minimum $235 per month payment? The card has an APR of 28%

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