A house is to be sold either on a cash basis or through a loan. The cash price is Kshs. 750,000. The loan conditions are...

A house is to be sold either on a cash basis or through a loan. The cash price is Kshs. 750,000. The loan conditions are as follows: there is to be a down payment of 10% of the cash price and the rest of the money to be paid through a loan of 10% per annum compound interest.
A customer decided to buy the house through a loan.
a) i) Calculate the amount of money loaned to the customer.
ii) The customer paid the loan in 3 years.
Calculate the total amount paid for the house.
b) Find how long the customer would have taken to fully pay for the house if she paid a total of Kshs 891,750.

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Kavungya answered the question on November 5, 2019 at 06:48

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