Question

A Stove Can be bought on hire purchase by making a deposit of $750
and 15 monthly installments of $185 each. Calculate the hire Purchase
Price of the stove

Answer 1

Answer:

$3,525.00

Explanation:

The hire purchase price will be the sum of the deposit and the total monthly installments.

The deposit is $750

Monthly installments =monthly fee multiplied by 15 months

=$185 x 15

=$2,775.00

Hire purchase cost will be

=$2,775.00 +$750

=$3,525.00