Ray bought living room furniture at a local department store. The cost of the furniture was $4,000 including taxes. Ray is making monthly payments of $155 per month for three years. What rate of interest compounded monthly is Ray paying? What amount of interest will Ray pay over the three years?

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The Answer of Ray bought living room furniture at a local department store. The cost of the furniture was $4,000 including taxes. Ray is making monthly payments of $155 per month for three years. What rate of interest compounded monthly is Ray paying? What amount of interest will Ray pay over the three years?

Ray Bought Living Room Furniture at a Local Department Store