Financial Maths, STD2 EQ-Bank 17

Rachel is purchasing a new refrigerator priced at $3200. The store offers finance terms of 30% deposit and repayments of $65 per week for 40 weeks.

What is the amount of the deposit? (1 mark)
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Find the total cost of the repayments. (1 mark)
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What is the total cost of purchasing the refrigerator using the finance package? (1 mark)
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Show Answers Only

a. $$960$

b. $$2600$

c. $$3560$

Show Worked Solution

a. $\text{Deposit}=\dfrac{30}{100}\times 3200=$960$

b. $\text{Total repayments}=65\times 40=$2600$

c.	$\text{Total cost}$	$=\text{Deposit}+\text{Total repayments}$
		$=$960+$2600$
		$=$3560$

c.	\(\text{Total cost}\)	\(=\text{Deposit}+\text{Total repayments}\)
		\(=$960+$2600\)
		\(=$3560\)