Answer:
R4476.88
Step-by-step explanation:
Given information:
- The cost of the toy is R3400.
- The shop requires a 12% deposit.
- The remaining amount is to be paid over a four-year period at an interest rate of 9% per annum.
Step 1: Calculate the deposit amount.
Deposit amount = 12% of R3400 = 0.12 × R3400 = R408
Step 2: Calculate the remaining amount to be paid over the four-year period.
Remaining amount = Total cost - Deposit amount
Remaining amount = R3400 - R408 = R2992
Step 3: Calculate the simple interest on the remaining amount.
Simple interest = (Remaining amount × Interest rate × Time) / 100
Simple interest = (R2992 × 9 × 4) / 100 = R1076.88
Step 4: Calculate the total amount to be paid.
Total amount to be paid = Deposit amount + Remaining amount + Simple interest
Total amount to be paid = R408 + R2992 + R1076.88 = R4476.88
Therefore, the total amount to be paid for the toy is R4476.88.