A piano priced at RM 3,500 was purchased through 24-monthly instalment. If the interest charged was 7% per annum on the original

Question

3 years ago

8

balance, calculate the monthly instalment of the piano.

1 answer:

Eva8 [605] · Answer 1 · 2022-09-18T19:40:34+03:00

Based on the information given, it can be noted that the monthly payment will be RM 166.25.

<h3>Solving percentages.</h3>

Based on the information given, the balance that will be paid will be:

= 3500 + 2(7% × 3500)

= 3500 + 2(0.07 × 3500)

= 3500 + (2 × 245)

= 3500 + 490

= 3990

Therefore, the monthly installment of the piano will be:

= 3990/24

= 166.25

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