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What Is The Effective Annual Rate Of This Credit Offer

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Sandra Watson
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1. Round House Furniture offers credit to its customers at a rate of 1.15 percent per month. What is the effective annual rate of this credit offer?

15.04 percent

14.13 percent

13.80 percent

14.41 percent

14.71 percent

2. City Motors will sell a $15,000 car for $345 a month for 52 months. What is the interest rate?

9.10 percent

8.38 percent

9.28 percent

8.67 percent

8.53 percent

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