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Thread: Financial maths into question

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    Financial maths into question

    John bought a TV for $3250. He paid a 10% deposit and made monthly repayments of $96 for 3 years. What annual flat rate of interest was John charged?

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    Re: Financial maths into question

    For money owed, do price less deposit

    To calculate annual interest do
    Last edited by darkk_blu; 3 Dec 2018 at 6:15 PM.

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    Re: Financial maths into question

    That's incorrect. This question was answered in a Standard Maths thread.

    The amount paid= $325+96x12x3
    = $3 781

    The amount borrowed= $3 250 - 325
    = $2 925

    Interest paid = $3 781 - 2 925
    = $ 856 over 3 years

    Use I = PRN

    856 = 2925 x R x 3

    856 = 8775 x R

    R = 856 / 8775
    = 0.0975
    = 9.75% pa

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