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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?
Wiki User
∙ 12y ago
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%
Wiki User
∙ 12y ago
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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?
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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 Devin bought a new dishwasher for 320. He paid Y down and made Y monthly payments of 34. What actual yearly interest rate did Henry paid?
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 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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