Question

A family buys a refrigerator that costs € 840 paying a 30% cash deposit and the rest in 6 monthly installments, what is the amount of each monthly payment.

Answer 1

€98.

Explanation:

A 30% deposit is 0.30 * 840

= €252.

So there is 840 - 252

= €588 left to pay.

The amount of each monthly instalment

= 588 / 6

= €98.

Answer 2

Explanation:

Price of refrigerator=€840

Cash price paid is 30%

Therefore,

Price paid= 30/100×840

Price paid= €252

He paid €252 cash deposit

So, the amount remaining is

Cost price - cash deposit

€840-€252

€588

Then he needs to pay this €588 install mentally for 6months

Each month he is going to pay €588/6=€98

Then he is going to pay €98 monthly