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Rory Riley is interested in buying a computer. At Radio Shack, she picks out a computer and a printer for a total cash price of
Rory Riley is interested in buying a computer. At Radio Shack, she picks out a computer and a printer for a total cash price of $2,550. The salesperson informs her that if she qualifies for an installment loan, she may pay 10% down and finance the purchase with payments of $115 monthly for two years. What is the finance charge for this loan? What is the deferred purchase price? What is the annual percentage rate charged? Label ($ or %), use commas appropriately, and round to the nearest whole number.
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