about interest

[halfback]

hi to all bro/sis...im planning to get a brand new bike most prob the x1 r135 la..n planning to pay for it over 3 yrs..my ques is how do shop count interest n usually ard how many % ar??

[Aie]

hi to all bro/sis...im planning to get a brand new bike most prob the x1 r135 la..n planning to pay for it over 3 yrs..my ques is how do shop count interest n usually ard how many % ar??

Bikeshops usually charge 4% to 5% interest per year for new bikes. Let's say that your bike costs $8K. You paid a downpayment of $2K. Left $6K. If the interest per year is 4% and you plan to pay for 3 years, so 3 years interest is 4% x 3 = 12%.

 

12% of $6K = $720. Add that to the remainder is $720 + $6000 = $6720. So per month for installments of 3 years would be $6720 divide by 36 months = $186.66 per month. Bikeshop would put it to the nearest dollar to makan a BIT more so you pay $187 per month for three years...

[halfback]

ouh ok..thx =)

[FW1314A]

gd info aie! ups

[zhfong]

then wat if a 2nd hand bike?? which around 2.5k?? can it still able to loan from bike shop... examples i only have 800 for downpayment??

[jia_yvon]

think should be can. depends on whether the bike shop wan do reloan anot.. see whether they wan earn ur interest anot lor.