Future Shop has a deal on new computer tables. If you buy the table, they ask you to pay $160 today. After that, they ask you to make 12 monthly payments of $180 starting in 1 month. Suppose you could purchase the table for $2,200 cash now. What is the implied interest rate, (12), on the loan?

Answer rating: 100% (QA)

To calculate the implied interest rate on the loan we can compare the total amount paid with the cas... View the full answer