Financial Maths, STD2 EQ-Bank 19

Ben is purchasing a used van with a sale price of $32 600. He has arranged finance with weekly repayments of $280 for 3 years.

Calculate the total amount of the repayments. (2 marks)

--- 3 WORK AREA LINES (style=lined) ---

Show Answers Only

$$43\,680$

Show Worked Solution

$\text{Number of weeks in 3 years}=3\times 52=156\ \text{weeks}$

$\text{Total repayments}=280\times 156=$43\,680$