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fin044
General information
| Question text: | Suppose Andy purchases an appliance that retails for $1,000 with equal monthly payments of $100 per month for 12 months. The total payments Andy made by the year’s end total $1,200. What is the interest rate that Andy paid for this purchase? |
| Answer type: | Radio buttons |
| Answer options: | 1 More than 10% but less than 20% 2 More than 20% 3 Not enough information to calculate the interest rate on his purchase 98 Don’t know |
| Label: | interest rate on an appliance purchase |
| Empty allowed: | One-time warning |
| Error allowed: | Not allowed |
| Multiple instances: | No |