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A cabinet set selling for RM10,000 cash was purchased through an instalment plan in which...

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Accounting

A cabinet set selling for RM10,000 cash was purchased through an instalment plan in which a 15% down payment was made. The buyer had to make 24 monthly payments of RM400 each to settle the balance. Calculate the:

 

  (i)instalment plan.
  (ii)total interest charged.
  (iii)flat rate that was charged.
  (iv)APR that was charged.





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