Find the difference between the cash price and the payment plan and calculate the interest rate for the following questions. A food processor for $149.50 cash, or $5.00 down and $10.00 per month for 15 months
A television for $675.00 cash, or $52.00 down and $120.00 per month for 6 months
A smartphone for $150.00 cash, or $25.00 down and $12.00 per month for 11 months
Bedroom furniture for $1,985.00 cash, or $400 down and $74.00 per month for 24 months
A jacket for $75.00 cash, or $25.00 down and $4.75 per week for 11 weeks

The Smiths bought new furniture that cost $3,298.00. The store offered them an option of putting $600 down and making equal payments of $300 a month for 10 months. Use the Federal Reserve System formula to find the APR the Smiths will pay for taking this plan.