Hong Kong
Stage 1 - Stage 3

# 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.

a

How much did Han pay as the deposit?

b

What was the balance owing after he paid the deposit?

c

How much in total did he pay in instalments?

d

How much did he pay for the fridge altogether?

e

How much interest did he pay?

f

What was the interest charged as a percentage of the cost of the fridge? Write your answer as a percentage to two decimal places.

g

What was the annual rate of simple interest charged for buying on terms?

Easy
11min

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.

Easy
9min

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$$1266. Easy 9min A store offered interest free terms for 2020 months on all purchases. Valentina purchased a \220$$220 treadmill by paying an initial $\$37$$37 deposit followed by 55 monthly instalments. If she was also charged an account keeping fee of \5$$5 per month, what is:

Easy
4min