Question

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

Answer 1

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

Solving percentages.

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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