You just purchased a $1,600 washer and dryer on your credit card.You plan on repaying the debt in 24 equal, monthly installments.The interest rate on your credit card is 2% per month.

What is the amount of your monthly payment?

How does this compare to a $100 per month for 24 months lease-to-own payment for the same washer and dryer? Specifically, what can you tell me about the interest rate being charged in the lease-to-own option?

please no excel only by hand step by step if you can