20. sarah bought a lawnmower for $320. she signed up for the buy now pay later plan at the store with the following conditions: $100 down and payments of $25 for the next 12 months. the extra cost paid by taking this plan is equivalent to what actual yearly rate of interest?
a. 85%
b. 25%
c. 67%
d. 65%
you answered : b
correct answer : c

The correct answer is "C".

If Sarah has decided to make an initial payment of $ 100, this will leave a pending payment of $ 220 (the principal). If Sarah has agreed to pay the remaining amount in monthly installments of $ 25 for the next 12 months. This means she will end up paying $ 300.

The interest paid for this product is $ 80, representing an annual rate of 67%.

the correct answers are: 1) lay and collect taxes and duties; 2) pay debts; 5) borrow money;   6) regulate commerce with foreign nations.

article 1, section 8. refers to the powers of congress. according to the united states constitution: “the congress shall have the power to lay and collect taxes, duties, imposts, and excises, to pay the debts and provide for the common defense and general welfare of the united states.”

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