A PlayStation is advertised for $500. A credit plan is offered whereby a deposit of 20% may be paid. The rest is to be paid in equal monthly instalments over 2 years at a flat interest rate of 16% per annum. A customer chooses the credit plan. (a) What is the remaining balance for the PlayStation after a deposit of 20% is paid? Answer: S (b) How much interest will be paid altogether? Answer: S (c) (i) How many repayments will there be? Answer: ! I
A PlayStation is advertised for $500. A credit plan is offered whereby a deposit of 20% may be paid. The rest is to be paid in equal monthly instalments over 2 years at a flat interest rate of 16% per annum. A customer chooses the credit plan. (a) What is the remaining balance for the PlayStation after a deposit of 20% is paid? Answer: S (b) How much interest will be paid altogether? Answer: S (c) (i) How many repayments will there be? Answer: ! I
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![A PlayStation is advertised for $500. A credit plan is offered whereby a deposit of 20% may be paid. The rest is to be paid in equal monthly instalments over 2 years at a flat interest rate of 16% per annum. A customer chooses the
credit plan.
I SEON SPOM
SEOM SERON
(a) What is the remaining balance for the PlayStation after a deposit of 20% is paid?
SEOM SEONSEO
30
Answer: $
(b) How much interest will be paid altogether?
Answer: $
(c) (i) How many repayments will there be? FENOMEEN
ENON SEPON SENOM SEDOM SESON SEDON SETOM SEDON SERVE
to be? 60 60 60 6 6 6 6 6 6 6
Answer:
(ii) What is the monthly repayment?
BO
Answer: $
FON
(d) How much will be paid in total for the PlayStation? OXO OXO OXO OX
Answer: $
WEROWEROWEROW](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faac94f86-1de8-4518-878e-1f9c8bd5eeb2%2F151958b9-752f-4625-ab99-9620e16b664e%2F47vq72b_processed.png&w=3840&q=75)
Transcribed Image Text:A PlayStation is advertised for $500. A credit plan is offered whereby a deposit of 20% may be paid. The rest is to be paid in equal monthly instalments over 2 years at a flat interest rate of 16% per annum. A customer chooses the
credit plan.
I SEON SPOM
SEOM SERON
(a) What is the remaining balance for the PlayStation after a deposit of 20% is paid?
SEOM SEONSEO
30
Answer: $
(b) How much interest will be paid altogether?
Answer: $
(c) (i) How many repayments will there be? FENOMEEN
ENON SEPON SENOM SEDOM SESON SEDON SETOM SEDON SERVE
to be? 60 60 60 6 6 6 6 6 6 6
Answer:
(ii) What is the monthly repayment?
BO
Answer: $
FON
(d) How much will be paid in total for the PlayStation? OXO OXO OXO OX
Answer: $
WEROWEROWEROW
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