Interest on a loan
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The list price for a radio is 22% higher than its net price. If the net price is $29.00, what is the list price? What is the amount of the trade discount?
A certified public accountant discounts a bill to $294.00 when a client pays in cash, within 10 days. If the cash discount is 1.5%, how much would the customer have paid if he or she had not been eligible for the discount? Report the result to the nearest penny.
Bill's Accounting is taking out a lease on $2,000 worth of computing equipment and office furniture, over a two year period. The bank charges 8.25% interest annually. Compute the interest paid and the total amount paid for the lease.
You need to borrow $5,000 for 2.33 years. Originally, the bank offers a 6.5% rate. Then, after some negotiation, they are willing to drop the rate to 5.5%. What savings in interest will you have as a result of the rate reduction?
A consumer loan is made at 10.0% over a 3.5 year period. If $2,125 in interest is paid, what is the principal? What is the total amount paid by the consumer? Report the results to the nearest penny.
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Education
- BSc (Hons), University of Colombo - Sri Lanka
- MEngSc, University of Melbourne
- Certificate IV in Training & Assessment , Australian Business Council
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