Question

A computer system is priced at $3200. A man buys

Answer 1

Answer:

i) $124.10

ii) $3458.40

iii) $258.40

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Answer 2

(i) Monthly installment is $21.53 approximately.

(ii) Total amount man has to pay is $3716.8

(iii) Extra money he had to pay for buying the computer on hire is $516.8

Given,

Initial price of the computer(p) = $3200

Down payment = $480

Time period = 2 yrs

rate percent = 9.5%

(i) Monthly installment = ?

monthly installment =(capital amount × interest rate)/time in months

down payment to be paid = 3200 ₋ 480

                                         = 2720

therefore, monthly payment = 2720 × 9.5 × 1/ 12

                                            = $21.53

(ii) Total amount man has to pay = ?

                                           = down payment ₊ remaining amount ₊                                                                                                                                                 (remaining amount × t × r)                                          

                                           = 480 ₊ 2720 ₊ 2720 × 9.5 × 2

                                           = $3716.8

(iii) If he buys the computer on hire then how much more he has to pay = ?

= total amount ₋ initial cost

= 3716.8 ₋ 3200

= $516.8

Hence the man has to pay $21.23 as a monthly installment, $3716.8 as a total cost of the computer system and $516.8 as an extra amount if he buys it on hire.

Learn more about "Interest rate problems" here-

brainly.com/question/2151013

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