Question: kindly solve this question on paper & show full working Mike wants to buy a scooter that costs R10 000,00, but he cannot afford to

kindly solve this question on paper & show full working

Mike wants to buy a scooter that costs R10 000,00, but he cannot afford to buy it cash. He opts for the hire purchase agreement, which requires a 13% deposit and 24 equal monthly instalments at an interest rate of 15% per annum, compounded monthly. Answer the following questions: a) How much will his deposit be? b) Calculate the total amount that he still must pay after the deposit. c) Calculate the monthly instalments. The correct answers are: [1] a) R1 000,00 b) R9 000,00 C)R375,00 (2) a) R1 300,00 b) R10 962,00 C)R456,75 [3] a) R1 300,00 b) RB 700,00 CR421,83 [4] a) R1 500,00 b) R8 500,00 R354,17

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