Hanie P.

asked • 06/02/21


  1. 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.
  2. A customer chooses furniture worth $3,225.00 including tax and chooses to Rent-To-Own.
  3. Rent to Own Furniture Warehouse
  4. No down payment is required.
  5. The monthly lease payment is $156.99 for 2 years.
  6. Calculate the total cost to own the furniture using the Rent-To-Own option.
  7. What the amount of the finance charge on this purchase?

c. What simple interest percentage rate is this finance charge? Recall: 𝐼 = 𝑃rt

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