Deferred Payment Plans
Interactive practice questions
Han purchased a fridge, valued at $£702$£702, on terms. He paid a $6%$6% deposit, followed by monthly instalments of $£21$£21 over $3$3 years.
How much did Han pay as the deposit?
Write your answer to the nearest penny.
What was the balance owing after he paid the deposit?
Write your answer to the nearest penny.
How much in total did he pay in instalments?
Write your answer to the nearest penny.
How much did he pay for the fridge altogether?
Write your answer to the nearest penny.
How much interest did he pay?
Write your answer to the nearest penny.
What was the interest charged as a percentage of the cost of the fridge? Write your answer as a percentage to two decimal places.
What was the annual rate of simple interest charged for buying on terms?
Write your answer as a percentage to two decimal places.
Han purchased a couch, valued at $£726$£726, on terms.
He paid a $11%$11% deposit, followed by fortnightly instalments of $£10$£10 over $3$3 years.
James purchased a car, valued at $£36653$£36653, on a deferred payment plan.
He paid a $£1714$£1714 deposit, followed by nothing for the first $6$6 months and then $31$31 monthly instalments of $£1266$£1266.
A store offered interest free terms for $20$20 months on all purchases. Valentina purchased a $£220$£220 treadmill by paying an initial $£37$£37 deposit followed by $5$5 monthly instalments. If she was also charged an account keeping fee of $£5$£5 per month, what is: