QUESTION 1 A cupboard selling for RM2,800 cash is bought with RM700 down payment and 14 monthly payments. If the interest charged is 10% per annum, calculate:

a. The total interest charged? b. The monthly payment?

Using the constant ratio formula.

QUESTION 2 A 7%, 60-day note is discounted 15 days before the maturity date. If the discount rate is 5.5% and the proceeds received are RM997.77, find: a. The amount of discount charged? b. The discount date, if the maturity date of the note is 26 th October 2019? c. The face value of the note?

QUESTION 3 An antique table with a cash price tag of RM20,000 was purchased through an instalment plan in which a down payment of 10% was made. The balance was settled with 18 monthly payments of RM1,100 each. Calculate: a. The instalment prices? b. The total interest charged? c. The flat rate that was charged? d. The APR that was charged?