Search topics

Search
1 of 8 0-day streak

Purchase cost from deposit and repayments

DIFFICULTYintrostandardchallengeexam
QUESTION TYPEMix of allChange
Whole-dollar monthly repaymentsTwo-year monthly repaymentsThree-year monthly repaymentsFour-year monthly repaymentsNOWMix of allRecommended
Question 1 of 8

Calculator allowed

The cash price of a bicycle is $1,979. A purchase plan has a 15% deposit, followed by 12 equal monthly repayments of $144 over 1 year. The deposit is a percentage of the cash price. Assume no other fees or charges. Use 12 repayments per model year; actual calendar schedules may differ. Let C be cash price, D deposit, m one repayment, n repayment count, S total instalments, T total paid and I interest, with money in dollars

(a)1 mark

Find the deposit amount to the nearest cent

Format: nearest cent
(b)1 mark

Find the amount paid through all monthly repayments, to the nearest cent

Format: nearest cent
(c)1 mark

Find the total paid for the purchase, to the nearest cent

Format: nearest cent
(d)1 mark

Find the interest charged by comparing the total paid with the cash price

Format: nearest cent