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An item is offered for sale at a cash price of £620 or on hire purchase over one year or over two years. When purchased on hire purchase over one year there is a deposit to pay of £110 and 12 monthly payments of £48.45.
When purchased on hire purchase over two years there is a deposit to pay of £140 and 24 monthly payments of £26.
(a) In each case calculate the rate of simple interest per annum charged on the initial amount borrowed.
A second shop offers the same item for sale at £625, or on hire purchase with a deposit of £125 and 15 equal monthly payments. The rate of interest charged on the initial amount borrowed is 10% per annum simple interest.
(b) Calculate the monthly payment.
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The treasury secretary and the Fed. Occasionally someeconomics or politicians suggest that the Secretary of teh treasurybecome a member of the Federal open market committee. How do you think that this will affect the opperation of the FederalReserve
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