A rent-to-own company is advertising a great limited-time offer for a popular model of tablet computer complete with total protection coverage (TPC). A quick search on the Internet reveals a comparable tablet at a local retailer for $629 + $79 for TPC. Thesalepriceis$15perweek($12.65+$2.35forTPC)for2years(104payments).

The regular price is $19 per week ($16.03 + $2.97 for TPC) for two years. Both plans have an up-front processing fee of $20.

a) Find the total out-of-pocket cost of the tablet with TPC for each of the three plans.

(b) Use Excel solver or goal seek to find the interest rate being charged for each of the rent-to-own plans, using the comparable price as a present value.