You buy furniture for $2,500. You pay $300 down and the retailer finances the remainder with 36 monthly payments of $80. Calculate your APR. Round to the nearest hundredth of a percent.

Cost of Furniture = $2,500
Down Payment = $300

Amount Financed = Cost of Furniture - Down Payment
Amount Financed = $2,500 - $300
Amount Financed = $2,200

Monthly Payment = $80
Number of Payments = 36

Let monthly interest rate be i%

$2,200 = $80 * PVIFA(i%, 36)

Using financial calculator:
N = 36
PV = -2200
PMT = 80
FV = 0

I = 1.535%

Monthly Interest Rate = 1.535%

Annual Interest Rate = 12 * Monthly Interest Rate
Annual Interest Rate = 12 * 1.535%
Annual Interest Rate = 18.42%