A house is to be sold either on a cash basis or through a loan. The cash price is Kshs. 750,000. The loan conditions are...

      

A house is to be sold either on a cash basis or through a loan. The cash price is Kshs. 750,000. The loan conditions are as follows: there is to be a down payment of 10% of the cash price and the rest of the money to be paid through a loan of 10% per annum compound interest.
A customer decided to buy the house through a loan.
a) i) Calculate the amount of money loaned to the customer.
ii) The customer paid the loan in 3 years.
Calculate the total amount paid for the house.
b) Find how long the customer would have taken to fully pay for the house if she paid a total of Kshs 891,750.

  

Answers


Kavungya
fig235112019943.png
Kavungya answered the question on November 5, 2019 at 06:48


Next: A cylindrical water tank is of diameter 7 metres and height 2.8 metres. a) Find the capacity of the water tank in litres. b) Six members...
Previous: In the figure below OA = a, OB = b, OA : AE = 2 : 3 and OB : OC = 1 : 2 a)...

View More Mathematics Questions and Answers | Return to Questions Index


Exams With Marking Schemes

Related Questions