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?

First we need to find the amount financed, total payments and total interest

Amount financed
320-20=300

Total payments
34×10=340

Total interest=total payments-amount financed
Total interest=340-300=40

Now to find the yearly interest rate use the formula of
I=(2yc)÷(m×(n+1))
I ?
Y number of months in a year 12
C total interest 40
M amount financed 300
N number of payments 10
I=(2×12×40)÷(300×(10+1))
I=0.2909×100=29.09%

Hope it helps!

Answer: c. x y2 04 66 16