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purchased a video recorder with a cash price of $2980 under hire purchase terms. She paid an initial down payment of 20% of the cash price and interest which is equivalent to 15% of the outstanding balance is charged. The balance is paid in 18 equal monthly instalments. Calculate for the video recorder: (a) The hire purchase price (b) The amount of each monthly instalment (a) The difference between the hire purchase price and the cash price

purchased a video recorder with a cash price of $2980 under hire purchase terms. She paid an initial down payment of 20% of the cash price and interest which is equivalent to 15% of the outstanding balance is charged. The balance is paid in 18 equal monthly instalments. Calculate for the video recorder: (a) The hire purchase price (b) The amount of each monthly instalment (a) The difference between the hire purchase price and the cash price

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A housewife purchased a video recorder with a cash price of $2980 under hire purchase terms. She paid an initial down payment of 20% of the cash price and interest which is equivalent to 15% of the outstanding balance is charged. The balance is paid in 18 equal monthly instalments. Calculate for the video recorder: (a) The hire purchase price (b) The amount of each monthly instalment (a) The difference between the hire purchase price and the cash price 12
Transcribed Image Text:A housewife purchased a video recorder with a cash price of $2980 under hire purchase terms. She paid an initial down payment of 20% of the cash price and interest which is equivalent to 15% of the outstanding balance is charged. The balance is paid in 18 equal monthly instalments. Calculate for the video recorder: (a) The hire purchase price (b) The amount of each monthly instalment (a) The difference between the hire purchase price and the cash price 12
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