HW5

HOMEWORK 5 POSTED MONDAY 18TH MAY 2020


 
SECTION C – HIRE PURCHASE

Please read and understand the Example Questions and Solutions found in your book from Pages 198 to 200.



HOMEWORK FOR SECTION C:

  1. 1.The marked price of a laptop is Rs 25 000. Noorvesh decided to buy the laptop on hire purchase. He makes a down payment of Rs 5000 and has to pay 20 monthly instalments of Rs 1 050. Calculate: 
    (a) the total amount Noorvesh has to pay for the laptop. 
    (b) the amount of money paid in excess of the marked price. 

  2. 2.The marked price of a refrigerator is Rs 27 000. What would be the monthly instalment if it is bought on hire purchase over 3 years at a 10% interest per annum? 

  3. 3.The cash price of a car is Rs 300 000. It is bought on hire purchase at an interest rate of 10% per annum. The initial deposit is 15% of cash price and it is paid in 30 equal monthly instalments. 
    (a) Calculate the interest paid. 
    (b) Calculate the monthly instalment. 
    (c) How much more is the amount paid on the hire purchase system than the cash price? 
Subscribe to: Comments (Atom)