P = Po*r*t/(1-(1+r)^-t).
Po = 07 * 49,500 = $34,650 Financed.
r = 0.12/12 = 0.01/mo.
t = 2.5yrs * 12mo/yr. = 30 mo.
P = (34,650*0.01*30)/(1-(1.01)^-30) = 10,395/0.25807708 = $40,278.66 = Total amt. paid.
40,278.66/30mo. = $1342.62 /mo.
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The marked price of a car is $49500. A person pays a deposit of 30% and interest at 12% per annum is charged on the outstanding balance. The total amount payable is to be paid in 2 1/2 years
Calculate the amount paid each month and the hire purchase
2 answers
$2133.33