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

Answer 1

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.