HELP PLEASE!!! ASSIGNMENT DUE SOON
- A furniture company allows customers to purchase household furnishings with an in-store loan, pay with cash or a credit card, or Rent-To-Own with a lease agreement.
- A customer chooses furniture worth $3,225.00 including tax and chooses to Rent-To-Own.
- Rent to Own Furniture Warehouse
- No down payment is required.
- The monthly lease payment is $156.99 for 2 years.
- Calculate the total cost to own the furniture using the Rent-To-Own option.
- What the amount of the finance charge on this purchase?
c. What simple interest percentage rate is this finance charge? Recall: 𝐼 = 𝑃rt