9. noel devine bought a new dishwasher for $320. he paid $20 down and made 10 monthly payments of $34. what actual yearly interest rate did noel pay?

Actual yearly interest paid by Noel = 14.55 %

Step-by-step explanation:

Price at which Noel bought the dishwater = $320

Amount of Down payment paid by Noel = $20

Left out amount to be paid by Noel = 320 - 20 = $300

Number of monthly payment to be made = 10

Amount which is paid by Noel for each monthly payment = $34

Total amount paid by Noel = Down payment + Total monthly payment

                                             = 20 + 34 × 10

                                             = $360

Amount of Interest paid by Noel = 360 - 320

                                                      = $40

So, The Principal value of the interest is $300

Time = monthly payment months + 1 ( This is the month in down payment is made)

Time = 11 months

Actual yearly interest paid by Noel = 14.55 %

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step-by-step explanation: