Rent-a-Furniture Center is offering a living room set that retails for $799 for $25 per week for 1 year. What is the percent markup on this furniture set?

62.70%

Explanation:

The markup value is found by calculating the gross profit and dividing it by its price. The retail price for the Rent-a-Furniture Center is $799 and the selling is $25 per week.

There are 52 weeks in a year, therefore, with this payment plan of $25/week, the total amount in one year is (52 * 25) = $1300. Gross profit is (1300 - 799) = $501. The markup value is (501/799) = 62.7033%