Question

2. Hire Purchase
A stereo set has a cash price of $1400. Under a hire purchase plan, a 20% deposit is required plus 12 monthly installment of $110 each month.
Calculate:
(a) the deposit
(b) the total monthly installment
(c) the hire purchase cost on the stereo
(d) how much could have been saved by paying cash

Answer 1

Answer:

Under a hire purchase plan, a 20% deposit is require… ... is required plus 12 monthly installment of $110 each month. ... (c) the hire purchase cost on the stereo.....