Certainly! Let's walk through each step of the provided question to understand how the final amounts are calculated.
1. Balance Brought Forward:
- This represents any outstanding balance from previous terms. In this case, it is \[tex]$0. This means there were no previous dues, so the starting balance is \$[/tex]0.
2. Fees for the Term:
- This is the total amount of tuition fees that need to be paid for the current term. In this scenario, the fees for the term are \[tex]$120,000.
3. Discount:
- Sometimes, institutions offer discounts on fees. A discount is usually expressed as a percentage. For example, a 10% discount on \$[/tex]120,000 would result in a discount amount of \[tex]$12,000. However, in this case, the discount is stated to be 0%. Therefore, there is no discount.
4. Calculating the Discount Amount:
- With a 0% discount, the discount amount can be calculated as follows:
- Discount Amount = (Discount Percentage / 100) * Fees for the Term
- Discount Amount = (0 / 100) * \$[/tex]120,000
- Discount Amount = \[tex]$0
5. Total Amount Payable:
- The total amount payable is calculated by subtracting the discount amount from the fees for the term.
- Total Amount Payable = Fees for the Term - Discount Amount
- Total Amount Payable = \$[/tex]120,000 - \[tex]$0
- Total Amount Payable = \$[/tex]120,000
Hence, the outcome of these calculations are:
- Balance Brought Forward: \[tex]$0
- Fees for the Term: \$[/tex]120,000
- Discount: \[tex]$0 (0% of \$[/tex]120,000)
- Total Amount Payable: \$120,000
This is how we reach the final figures in a step-by-step manner. All fees should be paid through the specified methods and into the provided GBTI account.
