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3. 1aldo purchases a new computer for 3450 he has 1000...

# Question: 1aldo purchases a new computer for 3450 he has 1000...

###### Question details

1,Aldo purchases a new computer for $3450. He has$1000 for a deposit, but will need to borrow the rest.  Stamp duty is 0.5% of the purchase price and will be included in the loan.  Establishment fees of $24 will also be included in the loan. He takes out a personal loan for the amount at a flat rate of 3.5% pa and agrees to pay back the loan over 3 years by monthly installments. Calculate the monthly installment. [Give answer to nearest dollar and do not put the$ sign in]

2.$3000 is invested for 3 years and amounts to$4000.  If the interest is compounded monthly, calculate the interest rate per annum. [Give answer to one decimal place.  Do not put % symbol in answer]

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