Question

1. Sandra buys a $4 000 television and pays $2 000 deposit. The rest is payable in 8 equal monthly payments. If the flat rate of interest charged is 7% p.a. what is the total amount paid for the item?

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Answer 1

$2140

Explanation:$2000 missing plus 7 percent of 2000 is 140 so 2000+140=2140. Each month she would pay $268 approx.