Answer to Question #205405 in Financial Math for Samkelisiwe Ndwala

Question #205405

Mike wants to buy a scooter that costs R10 000,00, but he cannot afford to buy it cash. He opts for the hire purchase agreement, which requires a 13% deposit and 24 equal monthly instalments at an interest rate of 15% per annum, compounded monthly. Answer the following questions: a) How much will his deposit be? b) Calculate the total amount that he still must pay after the deposit. c) Calculate the monthly instalments.

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