Jimmy wants to purchase a new set of bucket seats for his, Financial Management

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Jimmy wants to purchase a new set of bucket seats for his

Jimmy wants to purchase a new set of bucket seats for his van. He has bad credit, so he finds a place that will sell him the seats via an add-on loan. The seats cost $900 total. Jimmy in willing to pay up to $90 per month for one year for these seats. What would be the maximum interest rate he should accept in order to buy the seats?

Please use the formula to explain.

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