Hire Purchase

2). Jack purchased a computer using a payment plan offered by the store. The
conditions were stated,” Cash Price = $2300, or 20% down payment plus 12 equal
payments of $160 each”. Hence, calculate:

a) the deposit

b) the total monthly payments

c) the total cost of the computer on the payment plan

d) how much would she have saved by paying cash in full

3) John wants to buy a new Nintendo Switch Console. It costs $700 but
John is unable to pay in full since he is still a student. Hence, he decides
to pay based on monthly instalment. The store requires him to pay an
initial down payment of $100, and a monthly instalment of $50. If John
paid a total of $724 to clear off his debts, how much did the bank charge
for the interest rate per annum?

4)
The price of a new-model speakers cost $3500. Tim bought the speakers on hire
purchase by placing a down payment of $500, and is required to pay a monthly
instalment of $150 over x months.

a) Express the total amount payable by hire purchase, in terms of x

b) Express, in terms of x, the amount Mr Tan could have saved if he had paid in
full by cash

c) Given that the seller charged simple interest rate at 10% per annum, form an
equation to calculate the value of x