Rentown advertised a television at a cash price of $599.99 and at a rent-to-own rate of $14.79 at the beginning of each week for 78 weeks. What effective rate of interest is a customer paying to acquire the television in a rent-to-own transaction? (Assume that a year has exactly 52 weeks.)

Question

Quizplus · Accepted Answer

The Answer of Rentown advertised a television at a cash price of $599.99 and at a rent-to-own rate of $14.79 at the beginning of each week for 78 weeks. What effective rate of interest is a customer paying to acquire the television in a rent-to-own transaction? (Assume that a year has exactly 52 weeks.)

Rentown Advertised a Television at a Cash Price of $599