The full installment price is $ 2200, and the annual interest rate is 10%.
Since Clare wants to buy a used wide-screen TV that sells for $ 2,000 cash, and she will make a down payment of $ 1,000 and then six monthly payments of $ 200, to determine what is the full installment price and the annual interest rate is due perform the following calculation:
- 1000 + 200 x 6 = 1000 + 1200 = 2200
- 1000 = 100
- 1200 = 120
- 20/12 x 6 = 10
Therefore, the full installment price is $ 2200, and the annual interest rate is 10%.
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