Maya uses a buy now, pay later payment option to make a purchase of $120. Her repayments are split across 4 equal payments over 6 weeks. No interest is charged.

Maya misses her final payment on 16 March 2026 and is charged a late fee of $19. Maya's payment schedule is shown, with her balance totalling $49.

\begin{array} {|l|c|c|c|}
\hline \textbf{Payment} & \textbf{Due Date} & \textbf{Amount} & \textbf{Status} \\
\hline \text{1st}  & \text{2 February 2026} & \$30 &  \text{Paid} \\
\hline \text{2nd} & \text{16 February 2026} & \$30 &  \text{Paid}  \\
\hline \text{3rd} & \text{2 March 2026} & \$30 &  \text{Paid} \\
\hline \text{4th} & \text{16 March 2026} & \$30 &  \text{Not Paid} \\
\hline \text{Outstanding Due} & \text{30 March 2026} & \$49\ \text{including late fee} &   \\
\hline \end{array}

1. Find the total amount Maya pays for her purchase if repaying in full on 30 March 2026.   (1 mark)

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2. Maya's bank offers short-term loans where simple interest is charged at 16% per annum.
3. Suppose Maya had borrowed $120 from the bank to make this purchase on 2 February 2026 and repaid it in full 8 weeks later.
4. How much would Maya have saved using this approach instead of the buy now, pay later option?   (2 marks)

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Kimberley uses a buy now, pay later payment option to make a purchase of $100. Her repayments are split across 4 equal payments over 6 weeks. No interest is charged.

Kimberley misses her final payment and is charged a late fee of $17. Kimberley’s payment schedule is shown, with her balance totalling $42.
 

1. Find the total amount Kimberley pays for her purchase if repaying in full on 27 July 2024.   (1 mark)

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2. Kimberley’s bank offers short-term loans where simple interest is charged at 18% per annum.
3. Suppose Kimberley had borrowed $100 from the bank to make this purchase on 1 June 2024 and repaid it in full 8 weeks later.
4. How much would Kimberley have saved using this approach instead of the buy now, pay later option?   (2 marks)

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