What is the effective annual rate of this credit offer
Question # 00767165
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Updated on: 06/25/2020 05:12 AM Due on: 07/02/2020
1. Round House Furniture offers credit to its customers at a rate of 1.15 percent per month. What is the effective annual rate of this credit offer?
15.04 percent
14.13 percent
13.80 percent
14.41 percent
14.71 percent
2. City Motors will sell a $15,000 car for $345 a month for 52 months. What is the interest rate?
9.10 percent
8.38 percent
9.28 percent
8.67 percent
8.53 percent
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