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MMLU-Pro / 655 / Mr. Thomas purchased a …

Problem

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question

Mr. Thomas purchased a $190 lawn mower on an installment plan. He was charged a flat fee of 8% per year as a service charge. If Mr. Thomas paid for the mower in 6 equal monthly payments, how much was each monthly payment? What was the true interest rate he was charged?

category

business

options

  1. $34.17 and 14.5%
  2. $36.67 and 9%
  3. $40 and 12%
  4. $30 and 15%
  5. $29.17 and 20%
  6. $32.93 and 13.7%
  7. $35 and 10%
  8. $33.50 and 11%
  9. $31.67 and 16%
  10. $31.00 and 18%

src

stemez-Business

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