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Belinda buys a flat screen plasma television costing R20 000 on hire purchase. She traded in an old television for R3 000 and paid a deposit of R 2000. The balance was paid by means of monthly instalments of R900 over two years. Calculate the total simple interest paid and the rate of simple interest.​

Sagot :

Parrain

Based on the monthly installments and the amount that Belinda traded in the television for, the total simple interest paid was $6,600 and the rate of simple interest was 22%.

What was the simple interest paid?

The balance after the trading in and deposit was:

= 20,000 - 3,000 - 2,000

= R15,000

The total simple interest paid was:

= (900 x 2 x 12months) - 15,000

= $6,600

The rate of simple interest was:

= (6,600 / 2 years) / 15,000

= 22%

Find out more on simple interest at https://brainly.com/question/20690803

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