Q:
A sapphire ring with a marked price of $1800 is offered to the purchaser on the following terms: $200 deposit and the balance to be paid over 24 equal monthly instalments with interest charged at 11.5% p.a. flat rate. Find the monthly repayments
Answer & Explanation
Answer: D) $82
Explanation: Total repayment amount = $1600 + $368
= $1968
= $82
regular payment= total amount/number of repayments
View Answer
Report Error
Discuss