Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
An appliance has a cash price of ₱60,000. On installment, the buyer pays 10% down and the balance plus 15% per year simple (add-on) interest in 6 equal monthly payments. How much is each monthly payment?
- ₱9,675
- ₱9,000
- ₱10,750
- ₱10,675
Answer
A. ₱9,675
Solution
Balance = ₱54,000. Interest = ₱54,000 × 0.15 × 6/12 = ₱4,050. Monthly = ₱58,050 ÷ 6 = ₱9,675.
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