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b) Troy wants to buy an additional screen for his computer he RM2500 on the internet. There is an option of paying a 10% deposit and then making 24 monthly payments using a hire purchase agreement, where interest is calculated at 7.5% p.a. simple interest. i) What is the amount of deposit paid? ii) Calculate the amount of loan under the hire purchase agreement. iii) How much is the total interest charged by the bank? iv) What is the total amount of money Troy has to pay for the loan and the interest? v) Calculate the monthly instalments. Round your answer to 2 decimal places. vi) Calculate the final month payment.

b) Troy wants to buy an additional screen for his computer he RM2500 on the internet. There is an option of paying a 10% deposit and then making 24 monthly payments using a hire purchase agreement, where interest is calculated at 7.5% p.a. simple interest. i) What is the amount of deposit paid? ii) Calculate the amount of loan under the hire purchase agreement. iii) How much is the total interest charged by the bank? iv) What is the total amount of money Troy has to pay for the loan and the interest? v) Calculate the monthly instalments. Round your answer to 2 decimal places. vi) Calculate the final month payment.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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b) Troy wants to buy an additional screen for his computer which he saw in an advertisement for RM2500 on the internet. There is an option of paying a 10% deposit and then making 24 monthly payments using a hire purchase agreement, where interest is calculated at 7.5% p.a. simple interest. i) What is the amount of deposit paid? ii) Calculate the amount of loan under the hire purchase agreement. iii) How much is the total interest charged by the bank? iv) What is the total amount of money Troy has to pay for the loan and the interest? v) Calculate the monthly instalments. Round your answer to 2 decimal places. vi) Calculate the final month payment.
Transcribed Image Text:b) Troy wants to buy an additional screen for his computer which he saw in an advertisement for RM2500 on the internet. There is an option of paying a 10% deposit and then making 24 monthly payments using a hire purchase agreement, where interest is calculated at 7.5% p.a. simple interest. i) What is the amount of deposit paid? ii) Calculate the amount of loan under the hire purchase agreement. iii) How much is the total interest charged by the bank? iv) What is the total amount of money Troy has to pay for the loan and the interest? v) Calculate the monthly instalments. Round your answer to 2 decimal places. vi) Calculate the final month payment.
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