Question

The cash price of a laptop is $1299. It can be bought at hire purchase by making a deposit of $350 and 10 monthly payments at $120 each.

(i) What is the TOTAL hire purchase

(ii) How much is saved by buying the laptop for cash​

Answer 1

(i) t = 350 + 120(10) = $1,550
(ii) 1550 - 1299 = save $251

Answer 2

I) The TOTAL hire purchase of the laptop is; $1550

II) The amount saved by buying the laptop for cash is; $251

I) We are told that the laptop can be bought at hire purchase by making a deposit of $350 and 10 monthly payments at $120 each.

Thus;

Cost of laptop by hire purchase = 350 + 120(10)

>> 350 + 1200

>> $1550

II) Since the cash price is $1299, then amount saved = 1550 - 1299

>> $251

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