We use cookies to personalise content and advertisements and to analyse access to our website. Furthermore, our partners for online advertising receive pseudonymised information about your use of our website. cookie policy and privacy policy.
 
+0  
 
0
283
1
avatar+70 

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 

 Feb 15, 2018
 #1
avatar
0

$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.

 Feb 15, 2018

10 Online Users

avatar