Rent-To-Own Example (True Cost of a Loan)

Rent-To-Own Example (True Cost of a Loan) - tells Chris the...

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Rent-To-Own Example (True Cost of a Loan) Chris wants a new plasma-screen TV so he can watch his beloved Tigers play in the NCAA tournament. But Chris can’t afford the $1350 price tag. A local rent- to-own company has a March Madness Special of $30 per week. The manager
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Unformatted text preview: tells Chris the TV will be his in just 60 weeks. The $30 per week rental cost fits into Chris’ budget, so he signs the contract. What effective annual interest rate is Chris paying to purchase this television?...
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This note was uploaded on 12/07/2011 for the course CIVL 4111 taught by Professor Moore,l during the Fall '08 term at U. Memphis.

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