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 |