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A computer system is priced at $3200. A man buys
the computer system on hire purchase according
to the following terms: a down payment of $480
and the remaining to be paid in monthly
instalments over 2 years at a simple interest rate of
9.5% per annum.
(i) Find his monthly instalment.
(ii) Find the total amount the man pays for the
computer system.
(iii) How much more does he have to pay
for
buying the computer system on hire purchase?
dollar

Sagot :

BrainiestOfAll

Answer:

i) $124.10

ii) $3458.40

iii) $258.40

Please vote for Brainliest and I hope this helps!

varshamittal029

(i) Monthly installment is $21.53 approximately.

(ii) Total amount man has to pay is $3716.8

(iii) Extra money he had to pay for buying the computer on hire is $516.8

Given,

Initial price of the computer(p) = $3200

Down payment = $480

Time period = 2 yrs

rate percent = 9.5%

(i) Monthly installment = ?

monthly installment =(capital amount × interest rate)/time in months

down payment to be paid = 3200 ₋ 480

                                         = 2720

therefore, monthly payment = 2720 × 9.5 × 1/ 12

                                            = $21.53

(ii) Total amount man has to pay = ?

                                           = down payment ₊ remaining amount ₊                                                                                                                                                 (remaining amount × t × r)                                          

                                           = 480 ₊ 2720 ₊ 2720 × 9.5 × 2

                                           = $3716.8

(iii) If he buys the computer on hire then how much more he has to pay = ?

= total amount ₋ initial cost

= 3716.8 ₋ 3200

= $516.8

Hence the man has to pay $21.23 as a monthly installment, $3716.8 as a total cost of the computer system and $516.8 as an extra amount if he buys it on hire.

Learn more about "Interest rate problems" here-

brainly.com/question/2151013

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