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Calculate the flat rate that was charged

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Question - 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.

(i) Calculate the instalment plan.

(ii) Calculate the total interest charged.

(iii) Calculate the flat rate that was charged.

(iv) Calculate the APR that was charged.

Reference no: EM133065340

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