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QUESTION 1 Abdullah buys a TV with a cash price RM6,500 by making an initial deposit of RM2,000. The balance will be settled by making

QUESTION 1

Abdullah buys a TV with a cash price RM6,500 by making an initial deposit of RM2,000. The balance will be settled by making 18 monthly deposits of RM300 each. Find the:

a) Nominal rate compounded monthly that is being charged

b) Effective rate that is being charged.

PLEASE DO IT ON A PAPER, I WILL APPRECIATE A CLEAR AND EXPLAINED ANSWER, THANK YOU.

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