SOLUTION: Adam bought a $500 tablet on a hire purchase plan consisting of a deposit, then monthly payments. He paid a $50 deposit and monthly instalments of $25 for 2 years. What is the simp

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Question 1183490: Adam bought a $500 tablet on a hire purchase plan consisting of a deposit, then monthly payments. He paid a $50 deposit and monthly instalments of $25 for 2 years. What is the simple interest rate charged per annum?
Answer by Solver92311(821) About Me  (Show Source):
You can put this solution on YOUR website!


He paid a total of $650 which is $150 more than the price of the item over a period of two years. So he paid $75 per year in interest.



Solve for

John

My calculator said it, I believe it, that settles it

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