SCHOOL PRICE FOR FULL INSTALLMENT OPTION Classes/Grades Advance Payment Installments 1,2,3 8,600 TL + VAT 8,400TL + VAT * 5 (Inst.) 5,6,7 8,300 TL + VAT 8,000TL + VAT *5 (Inst.) Total Price 50,600TL+VAT 48,300TL+VAT Food & Beverage 1200 TL + VAT 1100TL + VAT *5 (Inst.) 6,700TL+VAT A school has listed its annual tuition prices including food & beverage (F&B) prices where all services (tuition and F&B) and their payments are compulsory. Also the school has listed 7 payment options as given below. Parents are requested to decide their payment plan and inform the school. A parent has two children whom his daughter has completed Kindergarten of the same school and will be 2nd Grade and his son will be 7th Grade. Parent must calculate the most cost efficient (cheapest) option for himself among the given options. Parent holds the required money in hand but also can gain interest by loaning to the bank. Interest rates are expected to be 12% through the whole payment term. Please advise the parent which payment option from 1 to 4 to choose for his son and daughter separately. Use MS Excel with formulas to compare the alternatives and send your study as MS Excel. Important Notes: The boy and the girl both has 5% scholarship discount only for tuition, if paid in installments. Value Added Tax (VAT): 8% Withholding Tax (WHT): 15% WHT is paid out of the interest amount earned from the bank. Meaning government takes 15% of the interest earned. PAYMENT OPTIONS: 1. Full Installment Option Payment Dates: Advance Payment: 31st of January 2020 Installment 1: 31st of May 2020 Installment 2: 31st of July 2020 Installment 3: 30th of September 2020 Installment 4: 30th of November 20 Installment 5: 31st of January 2021 2. Parents who desire to pay all the tuition and F&B prices in advance on the 31st of January can get 12% discount from the total list price. 3. Parents who desire to pay all the tuition and F&B prices in advance on the 31st of March can get 10% discount from the total list price. 4. Parents who desire to pay all the tuition and F&B prices in advance on the 30th of April can get 8% discount from the total list price. 5. Brothers and sisters registering together will receive 12% discount for each. Only valid for tuition. 6. All discounts cannot exceed 25% for tuition payment. 7. Scholarship discounts can only be applied if the parent decides to pay in installments. Meaning, scholarship discounts are not valid for any advance paying options(Item 2,3,4)