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Bought a new dishwasher for 250 paid 20 down and made 10 monthly payment of 34 What actual yearly interest rate did pay?
Bjyates
You paid an annual percentage rate of approximately 57.4%.
Working through the math, the dishwasher was $250 if bought outright. You paid $20 at the time so you were financing $230 ($250 - $20) and made $340 (10 * $34) in payments over 10 months.
The basic interest rate is 47.8% ($340/$230 - 1), however, you only paid that amount over 10 months, so the basic rate must be annualized to account for the remaining two months of the year resulting in 57.4% (47.8% * 12 / 10).
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Henry Devine bought a new dishwasher for 320 He paid 20 down and made 10 monthly payments of 34 What actual yearly interest rate did Henry pay?
29.09%
Henry Devine bought a new dishwasher for 320. He paid 20 down and made 10 monthly payments of 34. What actual yearly interest rate did Henry pay?
Henry paid an annual percentage rate of approximately 28%. Working through the math, the dishwasher was $320 if bought outright. Henry paid $20 down at the time so he was financing $300 ($320 - $20) and made $340 (10 * $34) in payments over 10 months. To determine the rate, we use the formula for computing an annuity: PRINCIPAL = (PMT / PERIODICRATE) * (1 - (1 / ((1 + PERIODICRATE) ^ Periods))) Where: PRINCIPAL = amount borrowed = $300 PMT = periodic payment = $34 PERIODS = number of payments = 10 PERIODICRATE= the APR we are looking for divided by 12 Solving for PeriodicRate we get about 2.34%. Multiply by 12 and we get 28.09%. Using Microsoft Excel, we could use the "rate()" formula as follows: =rate(10,-34,300) = 2.34% * 12 = 28.09%
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Henry Devine bought a new dishwasher for $320. He paid $20 down and made 10 monthly payments of $34. What actual yearly interest rate did Henry paid?
Henry devine bought a new dishwasher for 320.00 he paid 20 down and made 10 monthly payments of 34what actual yearly interest rate did Henry pay?
Henry Devine bought a new dishwasher for $ 320. He paid $20 down and made 10 monthly payments of $34. What actual yearly interest rate did Henry pay?
Henry Devine bought a new dishwasher for 320 He paid20 down and made 10 monthly payments of 34 What actual yearly interest rate did Henry pay?
$29.09
Henry Devine bought a new dishwasher for 320 He paid 20 down and made 10 monthly payments of 34 What actual yearly interest rate did Henry pay?
29.09%
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