Mary bought an electric oven listed as RM 3500 cash through an installment plan which she paid RM 200 down payment. She has to pay 18 monthly payments to settle the unpaid balance. The shop charges her 2.5 % per annum on the original balance. Determine a) the total interest charged b) installment price. c) the monthly payment

Mary bought an electric oven listed as RM 3500 cash through an installment plan which she paid RM 200 down payment. She has to pay 18 monthly payments to settle the unpaid balance. The shop charges her 2.5 % per annum on the original balance. Determine a) the total interest charged b) installment price. c) the monthly payment

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.19E

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