Question

mrs jays bought a double bed on hire purchases. the cash price is $750 but she deposited $200 and pay $48monthly instllments for 2 years what is the total installment paid for the first year

Answer 1

The total installment paid for the first year is $576.

Step-by-step explanation:

To find the total installment paid for the first year, we need to calculate the monthly installment amount and multiply it by the number of months in the first year.

The cash price of the double bed is $750. Mrs. Jays made a deposit of $200, so the remaining amount to be paid is $750 - $200 = $550.

The monthly installment is $48 and the duration is 2 years, so the total number of months is 2 years x 12 months = 24 months. Therefore, the total installment paid for the first year is $48 x 12 = $576.