Concept explainers
(a)
To calculate: The interest charged at the end of the first month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.
(b)
To calculate: The interest charged at the end of the second month when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.
(c)
To calculate: The interest charged at the end of the third month when the account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months, then the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme.
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Mathematical Ideas (13th Edition) - Standalone book
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