without use Excel.

10 points STION 17 An store advertises the following financing arrangement: We dont offer you confusing interest rate. We will just divide your total cost by 10 and you can pay us that amount each month for a year." No payment needs on the date of sale, the first payment is due in the end of the month of the date remaining eleven payments at monthly intervals thereafter. Calculate the effective annual interest rate the store's customers are paying on their loans a. 54.9% b, 41.3%