Question

a housewife purchased a sofa set the was priced at $2200 cash price under HP terms she paid an initial dowm payment of 20% of the cash price and interest which is equivalent to 15% of the outstanding balance is change​

Answer 1

Answer:Cash price of the car

Step-by-step explanation: Down payment + A(1 - (1+r/m)-nm

r/m

= $2,200 + $200(1-(1+0.11/12)-4x12

0.11/12

= $2,200 + $200(1-(1+0.0091666667)-48

0.0091666667

= $2,200 + $200(1-(1.009166666667)-48

0.0091666667

= $2,200 + `$200(38.691421)

= $9,938