Question

The cash price of a television is $1475. The hire-purchase price of the television is $1651. The hire-purchase price is a deposit plus 12 equal monthly payments of $113. Calculate the deposit as a percentage of the cash price.​

Answer 1

Answer: 20.00%

Explanation:

We are not told the amount of the deposit, so I will assume that the difference of the hire-purchase price ($1651) and the total payments of 12*$113 = ($1356) is the deposit. The amounts to $295.

As a percentage of the cash-purchase price: $295/$1475 = 20.00%