To find out how much more than the cash price is paid on hire purchase, we need to calculate the total amount paid on hire purchase and then subtract the cash price.
The deposit is N$15680 and each monthly installment is N$3300. There are 30 monthly installments, so the total payment on hire purchase is 15680 + (3300 * 30) = N$109480.
Now we can subtract the cash price of N$112000 from the total payment on hire purchase of N$109480 to find out how much more is paid on hire purchase: 109480 - 112000 = N$-2520.
Therefore, N$2520 less is paid on hire purchase compared to the cash price.
A cash price of a car is N$ 112000. To buy the car on hire purchase, a deposit of N$15680
is required followed by 30 monthly instalments of N$ 3300 each.
2.2 How much more than the cash price is paid on hire purchase?
1 answer