IP1U8 HOT Q2

Haley buys a refrigerator with the price of \(\$4\,050\) on hire purchase with a down payment (in percentage) and the remaining to be paid in monthly instalments over \(12\) months at a simple interest rate of \(20\%\) per annum. Given that her monthly instalment is \(\$324\), express Haley’s down payment as a percentage of the total price of the refrigerator.

Alex buys a TV with the price of \(\$4\,000\) on hire purchase with a down payment of \(10\%\) and the remaining to be paid in monthly instalments over \(12\) months at a simple interest rate of \(15\%\) per annum. Find Alex's monthly instalment.

Lucas buys a personal computer on hire purchase with a down payment of \(20\%\) and the remaining to be paid in monthly instalments over \(24\) months at a simple interest rate of \(10\%\) per annum. Given that Lucas’ monthly instalment is \(\$126\), find the price of the personal computer.