Rate

Question 1

Mr Lim wants to purchase a 42-inch television for a retail cost of $6500. Mr Lim decided to purchase the television on hire purchase. The store requires Mr Lim to place a down payment of $1500 and charges a simple interest of 3.5% per annum for the monthly instalments of $250. How much will Mr Lim have to pay in total to clear off his debts?

Answer 1

$6791.67