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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
A.
53
B.
42
C.
62
D.
82
View Answer
Correct choice: D
Explanation:
Total repayment amount = $1600 + $368 = $1968 = $82 regular payment= total amount/number of repayments
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