If a furniture store offers to sell a refrigerator priced at $1195 on a conditional sale contract requiring 12 monthly payments of $110 (including a payment on the date of sale), what effective rate of interest is being charged to the customer?

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The Answer of If a furniture store offers to sell a refrigerator priced at $1195 on a conditional sale contract requiring 12 monthly payments of $110 (including a payment on the date of sale), what effective rate of interest is being charged to the customer?

If a Furniture Store Offers to Sell a Refrigerator Priced