James wants to buy a gaming computer priced at $3,774, but he is not able to pay the amount in full. The shop, though, offers purchase plans to help customers afford their products. The annual interest rates on offer are below. Simple interest will be calculated on each loan. Payment Period Interest Rate 12 months 14.8% 24 months 11.6% James chooses to go with the 12-month plan. How much will the shop earn in interest? (Answers to whole dollars) $ What is the total amount that James will pay for the computer? $ If the repayments are split evenly over the year, how much will James pay per month? $
Mathematics · College · Thu Feb 04 2021
Answered on
According to this question , James wants to buy a gaming computer priced at $3774
Payment period interest rate of 12 month is 14.8%
Simple interest = principle amount * Rate * Time /100
= 3774 *14.8 * 12 /100
= 6702.62
total amount that James pay for the computer = $6702.62
shop earn interest = total amount of computer with interest - Actual price of computer
= 6702.62-3774
=$2928.62
James pay per month = total amount / time period
= 6702.62/12
=$558.55/month