Cash price of a used bicycle is $5800> John pays a deposit of 15% of the cost of the bicycle and the bank agrees to lend him the remaining cost> Deposit = $870
The bank requires the payment in four (4) equal instalments of $1650 each, so what is the total amount paid in instalments?
I did it like this Instalments= 1650
Amt of instalments = 4
total paid in instalments = 1650 times 4 = 6600
this part is correct and her's the other part:
the total amount john will pay for the bicycle = 6600+870 = 7470
AND HERE'S THE PART I AM BAFFLED ABOUT:
tHE PROFIT PERCENT that the bank makes
How do i calculate the profit % the bank makes? please help me!!!!!!!!!!!! 10POINTS
The bank requires the payment in four (4) equal instalments of $1650 each, so what is the total amount paid in instalments?
I did it like this Instalments= 1650
Amt of instalments = 4
total paid in instalments = 1650 times 4 = 6600
this part is correct and her's the other part:
the total amount john will pay for the bicycle = 6600+870 = 7470
AND HERE'S THE PART I AM BAFFLED ABOUT:
tHE PROFIT PERCENT that the bank makes
How do i calculate the profit % the bank makes? please help me!!!!!!!!!!!! 10POINTS
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Total paid 7470 - price 5800 = 1670 profit
profit 1670 / price 5800 = 28.79 % profit
profit 1670 / price 5800 = 28.79 % profit