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

## Answer This Question

## Related Questions

- Math - Henry Devine bought a new dishwasher for $320. He paid $20 down and made ...
- Math - Henry Devine bought a new dishwasher for $320. He paid $20 down and made ...
- math - Henry Devine bought a new dishwasher for 320. He paid 20 down and made 10...
- Math - Henry bought a new dishwasher for $320. He paid $20 down and made 10 ...
- math - Pam bought a new bedroom suit for $2588.she made a down payment of $188 ...
- Math - Maya bought a car for $15,000. To pay for it, she took a bank add-on ...
- Math - I'm having a bit of trouble with the following problem. Thanks! Kevin ...
- math - Jon Ericson bought a home with a 11.5% adjustable rate mortgage for 20 ...
- math - You'd also need to know the interest rate, the amount of the monthly ...
- Mathematics - I really need help with these three questions. Thank You. 1. ...

More Related Questions