My Math Forum What percentage more will be paid if the set is bought on hire purchase?

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 March 13th, 2015, 04:11 PM #1 Senior Member     Joined: Jan 2012 Posts: 724 Thanks: 7 What percentage more will be paid if the set is bought on hire purchase? The price of a set of carpets is given as N45000 or N21000 down and the balance in 12 monthly payments of N2475. What percentage more will be paid if the set is bought on hire purchase? I don't understand this problem. Could somebody help me here please? I need a better explanation.
 March 13th, 2015, 04:41 PM #2 Math Team   Joined: Jul 2011 From: Texas Posts: 2,781 Thanks: 1432 $\displaystyle \frac{21000 + 12(2475)}{45000} \approx 1.127$ one would pay about 12.7% more
March 13th, 2015, 05:26 PM   #3
Math Team

Joined: Dec 2006
From: Lexington, MA

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Hello, Chikis!

Quote:
 The price of a set of carpets is given as \$45,000 or \$21,000 down and the balance in 12 monthly payments of \\$2,475. What percentage more will be paid if the set is bought on hire purchase?

Did you understand skeeter's explanation.

$\text{You will pay }\21,000\,\text{ down.}$
$\;\;\;\text{Then you will pay: }\,12\,\times\,\2,475 \:=\:\29,700$
$\text{So you will pay a total of: }\,\21,000\,+\,\29,700 \:=\:\50,700$

$\text{That is, you pay: }\:\50,700\,-\,\45,000 \:=\:\5,700\text{ more than the cash price.}$

$\text{Therefore, you will pay: }\:\frac{5,700}{45,000} \:=\:0.12666... \:=\:12\frac{2}{3}\%\text{ more.}$

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