Kernel: Python 3 (system-wide)
In [0]:
Determining the Interest Rate
Rent-A-Center advertises an Amana refrigerator for per month.
The actual cost of the refrigerator is .
The advertised payment plan cost is (disregarding taxes and promotional offer).
The annual interest rate is
You would be paying in interest.
Alternatively, it would take month of saving per month in order to afford the refrigerator at the original price of
In [1]:
1.1026197834115743
1.1018634692604634
1.1018508808927683
Annual interest rate: 122.22 %
Actual cost of refrigerator: $787.50
Price paid after 19 monthly payments of $95.30: $ 1810.7
Total interest paid: $ 1023.2
Time it would take to save $95.30 per month in order to afford the refrigerator: 9 months