Posted by **zyanna** on Monday, August 4, 2014 at 4:21pm.

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?

A. 29.09

B. 68.75End of exam

C. 14.55

D. 34.38

Please explain to me

- math 4 -
**Reiny**, Monday, August 4, 2014 at 5:29pm
Value of loan = $300

let the monthly rate be i

then

34*(1- (1+i)^-10)/i = 300

hard to solve this type of equation but I have some methods and it gave me

i = appr .02343

so the annual rate compounded monthly is 28.1 %

check:

34(1 - 1.02343^-10)/.02343 = = 299.9988 , not bad I would say

None of your choices are valid using proper compound interest formulas

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