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  3. (b) mr. kamal purchased a washing machine in 18

(b) Mr. Kamal purchased a washing machine in 18 monthly instalments. The monthly...

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Accounting

(b)

Mr. Kamal purchased a washing machine in 18 monthly instalments. The monthly payment is RM262.05 per month. He paid RM500 as a down payment, with an interest rate charged of 6% per annum on the reducing balance. Calculate the following using the Annuity method:

(i)

Cash price of the washing machine.

(5 marks)

(ii)

Total interest charged.

(3 marks)

(iii)

Instalment price of the washing machine.

(2 marks)

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