Question
If there is a total of 104 weekly instalments and a third deposit, find the interest charged
Answer: Option A
CASH PRICE = $3695
DEPOSIT =1/3 OF $3695
= $1231.67
LOAN AMOUNT = $3695.00 − $1231.67
= $2463.33
TOTAL COST OF LOAN = $25.97 × 104
= $2700.88
INTEREST CHARGED = TOTAL AMOUNT − LOAN
I = A − P
= 2700.88 − 2463.33
= 237.55
Was this answer helpful ?
CASH PRICE = $3695
DEPOSIT =1/3 OF $3695
= $1231.67
LOAN AMOUNT = $3695.00 − $1231.67
= $2463.33
TOTAL COST OF LOAN = $25.97 × 104
= $2700.88
INTEREST CHARGED = TOTAL AMOUNT − LOAN
I = A − P
= 2700.88 − 2463.33
= 237.55
Was this answer helpful ?
More Questions on This Topic :
Latest Videos
Latest Test Papers
Submit Solution