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harry buys a sofa set that costs$2,000.he pays for it with 12 month installments. how much will he pay each month? if he has to pay5%in interest how much will he pay in all for the sofa set?
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harry buys a sofa set that costs$2,000.he pays for it with 12 month installments. how much will he pay each month? if he has to pay5%in interest how much will he pay in all for the sofa set?

User Jadhachem
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1 Answer

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interest = 5% x 2000 = 0.05 x 2000 = $100

Total amount = $2000 + $100 = $2100

Month instalment = $2100 ÷ 12 = $175

Answer: $175 each month. Total amount paid = $2100
User Parker Kemp
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