Hire Purchase C6Bfa2
1. **Problem statement:**
Calculate how many monthly instalments must be paid if the deposit is 69 and each instalment is 28.5, with a total hire purchase price of 354.
2. **Formula and explanation:**
The total hire purchase price equals the deposit plus the sum of all monthly instalments.
$$\text{Total price} = \text{Deposit} + (\text{Number of instalments} \times \text{Instalment amount})$$
3. **Set up the equation:**
$$354 = 69 + n \times 28.5$$
where $n$ is the number of monthly instalments.
4. **Solve for $n$:**
$$n \times 28.5 = 354 - 69$$
$$n \times 28.5 = 285$$
$$n = \frac{285}{28.5} = 10$$
So, 10 monthly instalments must be paid.
5. **Calculate how much more the hire purchase price is than the cash price:**
$$\text{Difference} = 354 - 319.95 = 34.05$$
6. **Express the difference as a percentage of the cash price:**
$$\text{Percentage} = \left(\frac{34.05}{319.95}\right) \times 100 \approx 10.64\%$$
**Final answers:**
- Number of monthly instalments: 10
- Amount more than cash price: 34.05
- Percentage more than cash price: 10.64%