The cash price of a bed is$3000. A man buys the bed on hire purchase. He pays a deposit of of$600. He then pays the balance in 12 months. Calculate the monthly installment.
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Answer:
TOTAL AMOUNT PAID = DEPOSIT + INSTALMENTS. TOTAL INTEREST PAID = TOTAL AMOUNT PAID – ORIGINAL PRICE OF. ITEM. The interest rate being charged under a Hire Purchase Agreement is.
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