1 answer:
Question The price of a sofa is Sx. A man buys the sofa on hire purchase according to the following terms:
a downpayment of 25 % and the remaining to be paid in monthly instalments over 30 months at a
simple interest rate of 12 % per annum. Given that his monthly instalment is $52, find the value of x.
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Answer:
<h2>$1344.9</h2>Step-by-step explanation:
This problem can be solved using the compound interest formula
Given data
A, final amount =?
P, principal = $586
rate, r= 6.6% = 0.066
Time, t= 13 years
Substituting our values into the expression we have
To the nearest cent the in 13 years the CD will be worth $1344.9