Question

The hire purchase for motor bike is GHC 540.00, if this is to be paid in twenty equal monthly installments, what amount is paid each monthly installments

Answer 1

The monthly installment for the hire purchase of the motorbike is GHC 27.00

Explanation:

To calculate the monthly installment for the hire purchase, we can divide the total cost by the number of months:

Monthly installment = Total cost / Number of months

In this case, the total cost is GHC 540.00 and the number of months is 20:

Monthly installment = GHC 540.00 / 20

Monthly installment = GHC 27.00

Therefore, the monthly installment for the hire purchase of the motorbike is GHC 27.00