a. The cash price of a washing machine is RM2,000. A customer is given an alternative to pay by monthly installment of RM95 per month for 24 payments. The first installment due one month after the purchase. The implied effective cost of installment scheme is:

Select one: a. 23.18% b. 18.28% c. 18.83% d. 17.28%

b.The effective annual rate of a 6-year car financing with a flat rate of 4% per annum is:

Select one:

a. 7.71%

b. 7.89%

c. 7.61%

d. 7.36%