2.2 Unknown Rate of Interest 12.11. A consumer purchasing a refrigerator is offered two payment plans: Plan A: 150 down, 200 after 1 year, 250 after 2 years Plan B: 87 down, 425 after 1 year, 50 after 2 years Determine the range of interest rates for which Plan A is better for the consumer en 2-12. Find the effective rate of interest if payments of 300 at the present, 200 at the end of one year, and 100 at the end of two years accumulate to 800 at the end of three years, 00 IS est 2-13. Bernie borrows 5000 on January 1, 1995, and another 5000 on January 1, 1998. He repays 3000 on January 1, 1997, and then finishes repaying his loans by paying 10,000 on January 1, 2000. What effective annual rate of interest is Bernie being charged? at Find of 2-14. John buys a TV for 600 from Jean John agrees to pay for the TV by making a cash down payment of 50, then paying 100 every four months for one year (i.e. three payments of 100), and finally making a single payment 16 months after the purchase (ie, four months after the last payment of 100). (a) Find the amount of the final payment if John is charged interest at an effective rate of 12% per year. (b) Find the effective annual interest rate if John's final payment is 350. I the and