SOLUTION: A car can be purchased on credit by payments of 410 euro each month, over a period of 36 months. Calculate the price of the car if purchased on credit. The cash price for the car i
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Question 315984: A car can be purchased on credit by payments of 410 euro each month, over a period of 36 months. Calculate the price of the car if purchased on credit. The cash price for the car is 14,000. Calculate the extra cost of the credit as a percentage of the cash price, correct to 2 decimal places.
An i-pod can be purchased for 380 dollars cash. Alternatively, it can be paid for over a year by monthly instalments of 34 dollars. Calculate the extra cost of the credit option. Express this cost as a percentage of the cash price, correct to 1 decimal place.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
410*36=14760
760/14000=.05=5%
--------
34*12=408
28/380=.07=7%=
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