OpenStudy (anonymous):

The cash price of the stereo set was $1850. The hire purchase was 20% more than the cash price. (i)Calculate the hire purchase price. (ii) Calculate the number of monthly installments needed to buy a stereo in hire purchase given that a down payment of $500 and monthly installments of $215 each were required.

4 years ago
OpenStudy (slaaibak):

If it's 20% more, the hire purchase price is 1850 * 1.2 = 2220 For the next one, assuming the interest rate is 0: (2220 - 500) / 215 = 8 monthly payments

4 years ago
OpenStudy (anonymous):

@slaaibak oh okay

4 years ago
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