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secondary 4 | E Maths

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Why is my 8b part 2 wrong? Pls help tyy

The 20% of the cash price did not incur any interest. The interest is incurred by that remaining 80% of the original price.

80/100 x $1170 = $936

Interest as a percentage of $936

= $210.60/$936 x 100%

= 22.5%

Since it's over 18 months,

Interest per month = 22.5% ÷ 18

= 1.25%

Second interpretation :

Interest was incurred by the entire cash price.

Then, you just need to divide your 18% by 18 months, which gives 1%/month.

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