If a furniture retailer offers a financing plan on a
Question # 00700939
Posted By:
Updated on: 06/23/2018 05:54 PM Due on: 06/23/2018

If a furniture retailer
offers a financing plan on a $1500
purchase requiring four equal quarterly payments of $400 including the
first payment on the purchase date, what effective rate of interest is being
charged on the unpaid balance? Interim calculations should be to 4
decimal places; final answer to .01%

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Rating:
5/
Solution: 1. If a furniture retailer offers a financing plan on a $1500 purchase