8. Noel Devine bought a new dishwasher for \( \$ 320 \). He paid \( \$ 20 \) down and made 10 monthly payments of \( \$ 34 \). What actual yearly interest rate did Noel pay?

To find the actual yearly interest rate that Noel Devine paid, we need to calculate the total interest paid and then divide it by the total amount borrowed. Given: - Initial price of the dishwasher = $320 - Down payment = $20 - Monthly payments = 10 payments of $34 each First, let's calculate the total amount borrowed: Total amount borrowed = Initial price - Down payment Total amount borrowed = $320 - $20 Total amount borrowed = $300 Next, let's calculate the total interest paid: Total interest paid = Total amount borrowed - Total monthly payments Total interest paid = $300 - ($34 * 10) Total interest paid = $300 - $340 Total interest paid = -$40 (This means Noel actually paid $40 less than the total amount borrowed, indicating a negative interest rate) Since the total interest paid is negative, it means that Noel actually received money back from the lender. Therefore, the actual yearly interest rate that Noel paid is 0%. So, the actual yearly interest rate that Noel paid is 0%.