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A computer is bought for $1,200 and a deposit of $300 is paid. The outstanding balance, plus 10% interest on the balance must be repaid in 4 quarterly installments. How much is each monthly installment?
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Oct 19, 2022
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A computer is bought for $1,200 and a deposit of $300 is paid. The outstanding balance, plus 10% interest on the balance must be repaid in 4 quarterly installments. How much is each monthly installment?
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Rashaan
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Computer= $1200
You: makes $300 deposit
Computer= $900
You pay 10 percent interest and pay 4 quarterly installments.
*This means that you pay 4 times in a year. You pay once every 3 months + interest. So basically you pay will need to pay four times in one year to fully pay back your debt.
Interest-money paid regularly at a certain rate for the use of money lent, or for delaying the repayment of debt
You would pay $236.36 per every 3 months
Paying off $900 on 10% interest would mean that you pay a total of $945.45 in the time frame of a year (4 quarterly installments).
Fran B
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Oct 24, 2022
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