Rudy is thinking of buying a European car that is being offered at
S$145 000, including COE. He has a few considerations before he
decides whether to buy.
Down payment is 20%.
A hire purchase plan that charges simple interest at 2.5% per
annum for a 7-year loan.
Road tax of S$1 250 per year.
Car insurance of S$1 500 per year.
What is his total monthly payment inclusive of road tax and car
insurance? Give your answer to the nearest dollar.
i.
S$ 531
ii
S$ 1852
iii.
S$ 470
iv.
S$ 3296
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