Question

An Apple MacBook Pro, which can be purchased for $15,500. can be bought on hire purchase by making an ini-tial payment of $3500. and by paying the balance in six (6) monthly instalments at an interest rate of 18% per annum. Therefore the monthly instalment is

Answer 1

Answer:

2180

Step-by-step explanation:

first

15500 - 3500

left 12000 to be paid in 6 months

12000*18/100= 2160 annual interest

per month interest : 2160/12= 180

monthly payment: 12000/6= 2000

plus interest: 180

total 2180