SOLUTION: When buying an item on hire purchase of an item being sold at $500 you are given to make a deposit of $150 and 12 monthly installments of $50. Calculate how much will you pay in hi

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Question 1013972: When buying an item on hire purchase of an item being sold at $500 you are given to make a deposit of $150 and 12 monthly installments of $50. Calculate how much will you pay in hire purchas?
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
You can put this solution on YOUR website!
When buying an item on hire purchase of an item being sold at $500 you are given to make a deposit of $150 and 12 monthly installments of $50.
Calculate how much will you pay in hire purchase?
:
Find how much you actually pay
150 + 12(50) = $750
:
The item could have been bought with $500 cash, therefore
750 - 500 = $150 you paid so you could purchase it on time.