Question
The hire purchase of a bed is 90000. If a customer deposited 6000.What was the monthly installments if the customer paid in 15 months
Answers
GPT-4o mini
To calculate the monthly installments for the bed purchased on hire purchase, we first need to determine the total amount to be financed after the initial deposit.
1. **Total cost of the bed**: ₹90,000
2. **Deposit**: ₹6,000
Now, we subtract the deposit from the total cost to find out how much needs to be financed:
\[
\text{Amount to be financed} = \text{Total cost} - \text{Deposit} = 90,000 - 6,000 = 84,000
\]
Next, we need to find the monthly installments over 15 months:
\[
\text{Monthly Installment} = \frac{\text{Amount to be financed}}{\text{Number of months}} = \frac{84,000}{15}
\]
Calculating this gives:
\[
\text{Monthly Installment} = 5,600
\]
Thus, the monthly installment the customer will pay is **₹5,600**.
1. **Total cost of the bed**: ₹90,000
2. **Deposit**: ₹6,000
Now, we subtract the deposit from the total cost to find out how much needs to be financed:
\[
\text{Amount to be financed} = \text{Total cost} - \text{Deposit} = 90,000 - 6,000 = 84,000
\]
Next, we need to find the monthly installments over 15 months:
\[
\text{Monthly Installment} = \frac{\text{Amount to be financed}}{\text{Number of months}} = \frac{84,000}{15}
\]
Calculating this gives:
\[
\text{Monthly Installment} = 5,600
\]
Thus, the monthly installment the customer will pay is **₹5,600**.