The cash price of a bed is shs.6500.A man buys it on hire purchase by making a down payment of shs.2300 followed by 12 months...

      

The cash price of a bed is shs.6500.A man buys it on hire purchase by making a down payment of shs. 2300 followed by 12 months installments of shs.490.Calculate the rate of carrying charge per month.

  

Answers


Seline
A=P(I+r/100)n
A=12x490
P=CP - D
=6500-2300
=shs.4200
n=12

5880=4200(I+r/100)¹²
1.4=(I+r/100)¹²
12v1.4=(I+r/100)
1.02844=r/100
r=2.844%p.m.
Belan answered the question on February 25, 2019 at 10:23


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