Haley buys a refrigerator with the price of $\$4\,050$ on hire purchase with a down payment (in pe

Question

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 $\$324$, find Haley’s down payment in percentage of the total price. 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.

Accepted Answer

(i) $810$ dollars, which is $20\%$ (ii) $345$ dollars per month (iii) $3\,150$ dollars

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