Precious offers a set of appliances for $9,680 cash. The appliances may be bought on credit for 10% down and 30 equal monthly payments including interest at a nominal annual rate of 12%. Determine.

1. The down payment ( 2 marks)
2. The amount financed ( 2 marks)
3. The cost of financing ( 2 marks)
4. The total amount paid in installments ( 2 marks)
5. The monthly payments ( 2 marks)
6. The true rate of interest