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Computer on hire purchase terms

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Reference no: EM131086757

A computer may be bought for £1,490 cash or on hire purchase terms.

Ken bought the computer on hire purchase terms.

The hire purchase terms require a deposit of 20% of the cash price. After payment of the deposit, the remaining balance owing is increased by interest charges of 17%, and this new balance is paid in 24 equal monthly installments.

(a) Calculate:

(i) the amount of the deposit

(ii) the balance owing

(iii) the total interest charges

(iv) the total cost to Bruce

(v) the amount of each monthly installment

Reference no: EM131086757

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