A down payment of $5000. and fourteen (14) monthly installments of $1650. each should be paid to purchase a television under hire purchase which can be bought at an outright purchase of $26,000. Therefore the rate of interest per annum is: O 0.71%
O 0.86%
0 7.14% 8.57%
O None of the above

Ricky takes out a $31,800 student loan to pay his expenses while he is in college. after graduation, he will begin making payments of $190.66 per month for the next 30 years to pay off the loan. how much more will ricky end up paying for the loan than the original value of $31,800? ricky will end up paying $ more than he borrowed to pay off the loan.