A Sony 55-inch 3D Smart LED TV which has a cash price of $128,599 may be bought on hire purchase. To obtain the Smart TV on hire purchase, a deposit of 25% of the cash price is made and 36 monthly installments of $5,500.00 each are required. Calculate: (a) The hire purchase price of the TV (b) The percentage interest charged. (c) What are the key points to consider when making a hire purchase agreement?
A Sony 55-inch 3D Smart LED TV which has a cash price of $128,599 may be bought on hire purchase. To obtain the Smart TV on hire purchase, a deposit of 25% of the cash price is made and 36 monthly installments of $5,500.00 each are required. Calculate:
(a) The hire purchase price of the TV
(b) The percentage interest charged.
(c) What are the key points to consider when making a hire purchase agreement?
- Leandra Clarke’s gross salary is $140,000 per month. Given that the income tax threshold is $125,008 and that her monthly deductions are as follows
i. NIS 2.75% of gross salary;
ii. 25% of her taxable income as income tax;
iii. NHT contributions (2% of gross salary);
iv. Education Tax payments (2.25% of her statutory income);
v. a pension contribution of 5% of her gross salary
vi. car loan payments of $42,000.
(a) Complete the necessary calculations and determine Leandra’s net salary.
(b) Discuss how Ms. Clarke could supplement her income were she to receive a very
small net salary.
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