Question
The cash price of a new care is $34700. A person pays a deposit of 20% and agrees to pay the balance over 3 years at a flat interest rate of 14% per annum. Calculate:
a) the deposit
b) the balance owing after the deposit
c) the interest on the balance owing
d) the total amount owing
e) the monthly instalment or repayment.
a) the deposit
b) the balance owing after the deposit
c) the interest on the balance owing
d) the total amount owing
e) the monthly instalment or repayment.