14. Sarah bought a lawnmower for $320. She signed up for the buy now pay later plan at the store with the following conditions: $100

down and payments of $25 for the next 12 months. The extra cost paid by taking this plan is equivalent to what actual yearly rate of

interest?

A. 85%

B. 65%

CC. 67%

D. 25%

Question

Shaniya Grant

Mathematics

18 December, 12:30

14. Sarah bought a lawnmower for $320. She signed up for the buy now pay later plan at the store with the following conditions: $100

down and payments of $25 for the next 12 months. The extra cost paid by taking this plan is equivalent to what actual yearly rate of

interest?

A. 85%

B. 65%

CC. 67%

D. 25%

+1

Answers (1)

Know the Answer?

Paul Hurley · Answer 1

D

Step-by-step explanation:

100+25 * 12; 100+300 = 400; difference = 400-320=80; percent increase since it is 1 year = 80/320 = 1/4=0.25 = 25/100=25%

14. Sarah bought a lawnmower for $320. She signed up for the buy now pay later plan at the store with the following conditions: $100down and payments of $25 for the next 12 months. The extra cost paid by taking this plan is equivalent to what actual yearly rate ofinterest?A. 85%B. 65%CC. 67%D. 25%