The cost of Sonia's new car was $\$P$. She accepted an interest-free loan of $\$P$, which she ag

Question

The cost of Sonia's new car was $\$P$. She accepted an interest-free loan of $\$P$, which she agreed to repay by monthly instalments. The first instalment was $\$1200$. The instalments were increased by $\$50$ per month so the second and third instalments were $\$1250$ and $\$1300$ respectively. Given that the loan was repaid in $k$ instalments, and that the final instalment was $\$3250$, find the value of $k$ and $P$.

Accepted Answer

$k=42$, $P=93\,450$

2009 SAJC Promo Q13(a)

2009 SAJC Promo Q13(a)

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