Dimploma in Commerce - Assignment Solutions

Question 1

a)      

We have:

$200 to be paid each month for 1^st year = $2400

$400 to be paid each month for 2^nd Year = $4800

Hence, FV = $2400 + $4800 = $7200

r = 12% = 0.12

n= 48 months

 Hence,

b)      Bank Dawa interest rate = 8% compounded annually.

Bank Dawa interest rate Monthly = 8%/3 = 2.67%

Bank Dawa interest rate Annually = 2.67% x 12 = 24%

Hence, APR = 24% should be set by bank BH.

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