Question #20073
deon brought a new keyboard on hire purchase. The price was 2398.25. he paid 20% deposit followed by 24 monthly payments of 113.35 each. Calculate: the amount of the deposit, monthly payment. total hire purchase and the amount that can be saved by paying cash.
Expert's answer
20% paid deposit is $2398.25*20%=$479.65
If we have 24 monthly payments of $113.35 than total amount is 24*$113.35=$2720.40
Thus total sum paid is $479.65+$2720.40=$3200.05
If he paid by cash he would safe $3200.05-$2398.25=$801.8
If we have 24 monthly payments of $113.35 than total amount is 24*$113.35=$2720.40
Thus total sum paid is $479.65+$2720.40=$3200.05
If he paid by cash he would safe $3200.05-$2398.25=$801.8
