Question

A bicycle can be brought for $26,000 cash or by paying a deposit of $100,000 and 12 monthly installments each of $2,000 . Find the income in the price fro the hire purchase method of buying​

Answer 1

Answer: the total cost of the bicycle using the hire purchase method is $124,000.

Step-by-step explanation: To find the total cost of the bicycle using the hire purchase method, we need to calculate the sum of the deposit and the monthly installments.

Deposit: $100,000

Monthly installments: $2,000 each, for a total of 12 months.

Total cost = Deposit + (Monthly installments x Number of months)

Total cost = $100,000 + ($2,000 x 12)

Total cost = $100,000 + $24,000

Total cost = $124,000

Therefore, the total cost of the bicycle using the hire purchase method is $124,000.