how would I step by step break this problem down to get to the solution?

You're in desperate need of new carpeting in your home and have decided to accept Umpire's offer of no money down and no payments for 30 days. At the end of 30 days, you will begin making monthly payments of $300 a month for 12 months. However, you're not sure if this is the best financing deal. The cost of the carpeting plus installation and padding is $3,172.60. Determine if this is an attractive offer by calculating the ANNUAL interest rate on the installment loan