O-LevelCommerceCredit7100/12 · Oct/Nov 2013 · Q71 Mark
Saranjit wishes to purchase a motorbike that costs $1200. She cannot afford to pay immediately. Under the terms of a credit agreement offered by the retailer, she will pay a deposit of $200 and then pay off the rest of the purchase price plus 10% interest in 12 equal instalments. If Saranjit accepts the offer of a credit agreement, how much will she pay for the motorbike?
A$1000
B$1100
C$1300
D$1320
✓ Correct answer
C: $1300
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