Question

A refrigerator can be bought on hire purchase by making a deposit of $500 and 18 monthly instalment of $56.50 each. Calculate the hire purchase cost of the refrigerator.
Hire purchase = Deposit + Amount Payable

Answer 1

Answer:

1,517

Step-by-step explanation:

hire price = deposit + amount payable

here,deposit=500 ,

amount payable = 56.50 x 18=1,017

hire price= 500 + 1,017

= 1,517

hire price of refrigerator is 1,517