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Scott purchases an engagement ring for $7560 paying $100 deposit and 7.2% p.a. interest for 18 months. What was the total amount paid for the ring?

 

- Thank you so much 

Ashreeta  Feb 15, 2018
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$7,560 - $100 = $7,460 Balance of the loan owed by Scott.

$7,460 x 7.2% x 18/12 =

$7,460 x 0.072 x 1.5 = $805.68 - simple interest on the loan for 18 months, or 18/12 = 1.5 years.

$7,460 + $100 + $805.68 = $8,365.68 - What Scott paid for the ring.

Guest Feb 15, 2018

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