Answer to Question #338095 in Financial Math for Elizabeth

Question

Rose wants to buy a car on hire purchase for N$75,000.00 at the rate of 11% p.a. repayable using monthly installments for a period of 3 years and 10 months. (No deposit was required). Use the given information to calculate the:

a. Total amount of money expected to be paid to the Hire Purchase Company over the years. (5)

b. Monthly installment to be paid by Rose (5)

Answer 1

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