Deferred Payment Plans
Interactive practice questions
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.
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?
How much did he pay for the couch 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 couch?
Write your answer as a percentage correct to two decimal places.
What was the annual rate of simple interest charged for the amount owing after paying the deposit?
Write your answer as a percentage to two decimal places.
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:
Luke bought a Blu-ray player that retailed for $£598$£598, on terms.
He paid a $8%$8% deposit, followed by monthly instalments over $2$2 years, with simple interest charged on the balance at $10%$10% p.a.