James buys a gas grill for his restaurant and hire purchase the grill cost 7800 and pays a deposit for 1000 what will his term i

Question

2 years ago

6

nstallment be if he pays 12% pa simple interest and repairs over a period of 18 months

1 answer:

ArbitrLikvidat [17] · Answer 1 · 2023-09-29T01:14:16+03:00

James will pay 423.11 term installment if if he pays 12% pa simple interest and repairs over a period of 18 months.

According to the given question.

Cost of the gas grill is 7800.

Amount of money paid by James is 1000.

Rate of the installment is 12%.

And time period is 18 months.

Therefore,

Term installment

= [(7800 - 1000)( 1 + 12%)]/18

= [(7800 - 1000)( 1 + 0.12)]/18

= 423.11

Hence, James will pay 423.11 term installment if if he pays 12% pa simple interest and repairs over a period of 18 months.

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