Question

PLEASE HELP

A hire purchase agreement offers gym equipment, with a marked price
$897, for $87 deposit and $46.80 a month payable over 2 years.
Calculate :
a) the total hire-purchase price
b) the amount of
amount of interest charged

Answer 1

Answer: a) $1,210.20 b) $313.20

Explanation:

a) $87 down + $46.80(24 months) = $1,210.20 total paid

b) $1,210.20 - $897.00 = $313.20 interest paid