K kpad5991 Member Joined Dec 29, 2016 Messages 238 Gender Male HSC 2018 Nov 28, 2018 #1 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?
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?
harrowed2 Member Joined Apr 14, 2007 Messages 78 Gender Female HSC N/A Nov 29, 2018 #2 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
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
