The Smith family is planning to buy a new kitchen using hire purchase.
The cash price of the kitchen is 拢4600.
The hire purchase price is 18% more than the cash price.
The hire purchase deposit is 15% of the cash price.
The hire purchase agreement requires a deposit followed by 48 equal installments.
Calculate the cost of each installment.
Please work this out and walk me through it at the same time?|||I will use the $ sign for the pound sign. You simple swap out.
Cash cost + $4,600
HP cost = $4,600 + 18% of $4,600
18% of $4,600 = .18 x 4600 = $828
HP cost = 828 + 4600 + $5,428
HP Deposit = 15% of $4,600
= .15 x 4600 = $690
Pay the deposit to find remaining balance
$5,428 - $690 = $4,728
Must pay 48 equal installments
$4,728/48
cost of each installment. = $98.71 (Rounded)|||You can submit your question at tutoteddy.com and get the answer. The site offers free tutoring too.
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