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Calculate the rate of simple interest per annum

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Reference no: EM131088362

An item is offered for sale at a cash price of £620 or on hire purchase over one year or over two years. When purchased on hire purchase over one year there is a deposit to pay of £110 and 12 monthly payments of £48.45.

When purchased on hire purchase over two years there is a deposit to pay of £140 and 24 monthly payments of £26.

(a) In each case calculate the rate of simple interest per annum charged on the initial amount borrowed.

A second shop offers the same item for sale at £625, or on hire purchase with a deposit of £125 and 15 equal monthly payments. The rate of interest charged on the initial amount borrowed is 10% per annum simple interest.

(b) Calculate the monthly payment.

Reference no: EM131088362

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