A refrigerator was priced at $\$4200$. Mrs Tan paid $30\%$ as downpayment and the outstanding ba

Question

A refrigerator was priced at $\$4200$. Mrs Tan paid $30\%$ as downpayment and the outstanding balance in equal monthly instalments for $2$ years. If a simple interest rate of $4\%$ per annum was charged on the outstanding balance, find the downpayment, the monthly instalment, the total hire purchase price.

Accepted Answer

(i) $\$1260$, (ii) $\$132.30$, (iii) $\$4435.20$.

IP1U8 8.3.5 PN1 Q1

IP1U8 8.3.5 PN1 Q1

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