A computer can be bought on hire purchase by making a deposit of the 15% on the marked price which is $2975. Interest which is equivalent to 15% of the outstanding balance is charged. The amount payable is paid in 12 equal monthly instalments.
(a) Calculate for the freezer:
(i) the deposit
(ii) the amount of each instalment
(iii) the hire purchase price.
(b) If a discount of 12% is given for cash, calculate:
(i) the cash price
(ii) the difference between the hire pur- chase price and the cash price
(iii) the difference as a percentage of the marked price
(a) Calculate for the freezer:
(i) the deposit
(ii) the amount of each instalment
(iii) the hire purchase price.
(b) If a discount of 12% is given for cash, calculate:
(i) the cash price
(ii) the difference between the hire pur- chase price and the cash price
(iii) the difference as a percentage of the marked price