Question

harry buys a sofa set that costs$2,000.he pays for it with 12 month installments. how much will he pay each month? if he has to pay5%in interest how much will he pay in all for the sofa set?

Answer 1

interest = 5% x 2000 = 0.05 x 2000 = $100

Total amount = $2000 + $100 = $2100

Month instalment = $2100 ÷ 12 = $175

Answer: $175 each month. Total amount paid = $2100