Question The cash price of a mobile phone is $540. Andrea bought the mobile phone by paying $42 monthly instalments over 15 months. Find the flat rate interest of the instalments, give your answer correct to 3 significant figures.

The rate of interest of the instalment is 13% What is Instalments ? The part payment of a loan is called Instalment It is given that The Cash price is $540 Instalment of $42 Time = 15 month = 15/12 = 1.25 years Total Amount paid = 42 * 15 =$630 Interest Paid is $90 90 = 540 * 1.25 *Rate Rate = 13% The rate of interest of the instalment is 13% To know more about Instalment https://brainly.com/question/13267432 #SPJ1 Log in to Reply

interestof theinstalmentis 13%## What is Instalments ?

InstalmentInstalmentof $42InterestPaid is $90interestof theinstalmentis 13%Instalment