(a) A business person buys a car at a cost of Ksh.960,000 using installment plan. The plan consists of 30 monthly payments of Ksh.40,000 plus 5% interest on the unpaid balance for that month. If payments commences at the end of the first month, calculate
(i) The amount of the first and second installments.(4 marks)
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(ii) The amount paid on the 30th month. (3 marks)
(iii) The total amount paid for the car. (3 marks)
(b) Find the simple interest that would accrue when a welfare group lends to a member
Ksh.15,000 at a rate of 12% p.a. in 2 years. (3 marks)
(c) An employee’s salary is 300,000 p.a the salary increases by 10% annually. Calculate the total amount the employee will have earned in 15 years. (4 marks)
(d) Calculate the amount of money one needs to deposit in the account today at 9% annual interest compounded monthly to have 12,000 in the account after 6 years. (3 marks)
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