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

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