Layaway Fees Compute the specified quantity.Layaway plans allow you, for a fee, to pay for an item over a period of time and then receive the item when you finish paying for it. In November 2011, Senator Charles E. Schumer of New York warned that the holiday layaway programs recently reinstated by severalpopular retailers were, when you took the fees into account, charging interest at a rate significantly higher than the highest credit card rates.t Suppose that you bought a $74 item on November 15 on layaway, with the final payment due December 15, and that the retailercharged you a $5 service fee. Thinking of the fee as interest, what simple interest rate r would you be paying for this layaway plan? (Round your answer to three decimal places.)%

Principal Value = Item brought in a month = $74 Service Charge = $5 (Per month) Time = 1 month

Answered: ayaway plans allow you, for a fee, to…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Sharla is comparing a credit plan to buying an appliance for cash. The sticker price is $1200. The down payment for the credit plan is 10% and then 24 monthly payments of $53.25. What is the cost of buying on credit?
Please answer 1,2,3,4.it would be a great help. upvote confirm
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