Question

vacuum cleaner was purchase on the installment plan with 12 monthly payments $36.98 each. If the cash price was $415 and there was no down payment , find the annual percentage rate.
Ms. Sue
36.98 * 12 = 443.76

443.76 - 415 = 39.76

I = PRT

39.76 = 415R

0.0958 = 9.58% = R