Aussie Maths & Science Teachers: Save your time with SmarterEd
The cash price of a large refrigerator is $2000.
A customer buys the refrigerator under a hire-purchase agreement.
She does not pay a deposit and will pay $55 per month for four years.
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i. `text{Total amount paid} = 55 xx 4 xx 12 = $2640`
ii. `text{Total interest} = 2640-2000= $640`
Shaun decides to buy a new sound system on a hire-purchase plan.
The sound system is priced at $3500.
Shaun pays a 15% deposit and monthly repayments for five years.
If Shaun's total purchase price after paying the last instalment is $4425, calculate his monthly repayment. (3 marks)
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`$65`
`text{Deposit} = \frac{15}{100} xx 3500 = $525`
`text{Balance due after deposit} = 4425-525= $3900`
`text{Number of repayments} = 5 xx 12 = 60`
`text{Monthly repayment} = \frac{3900}{60} = $65`
Brad investigated the cost of buying a $720 washing machine under a hire purchase agreement.
A 25% deposit is required and the balance will be paid in 24 equal monthly repayments of $27.90.
Calculate the amount of interest Brad pays on this purchase. (3 marks)
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`$129.60`
`text{Deposit} = \dfrac{25}{100} xx 720 = $180`
`text{Total instalments} = 24 xx 27.90 = $669.60`
`text{Total purchase price} = 180+669.60 = $849.60`
`text{Interest paid} = 849.60-720= $129.60`
A $2000 lounge suite was sold under a hire-purchase agreement.
A deposit of $200 was paid.
The balance was to be paid in 36 equal monthly instalments of $68.
Calculate the total interest paid in the purchase. (3 marks)
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`$648`
`text{Deposit} = $200`
`text(Total instalments) = 36 xx 68 = $2448`
`text{Total price paid} = 200 + 2448 = $2648`
`text{Interest paid} = 2648-2000 = $648`
Sandra has purchased a $4200 plasma television under a hire-purchase agreement. She paid $600 deposit and will pay the balance in equal monthly instalments of $318 over one year.
Determine the total amount of interest Sandra pays on this purchase. (3 marks)
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`$216`
`text(Deposit = $600)`
`text(Total monthly instalments) = 12 xx 318 = $3816`
`text{Total payment} = 600 + 3816 = $4416`
`text{Interest paid} = 4416-4200 = $216`
Sally purchased an electronic game machine on hire purchase. She paid $140 deposit and then $25.50 per month for two years.
What was the total amount that Sally paid? (2 marks)
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`$752`
| `text(Total paid)` | `= 140 + 25.50 xx 2 xx12` |
| `= $752` |