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The cash price of a laptop was ksh 60,000.On hire purchase terms ,a deposit of ksh 7500 was paid followed by 11 monthly installments of ksh 6000 each.
(a)calculate;(i)The cost of a laptop on hire purchase terms
(ii)The percentage increase of hire purchase price compared to cash price .
(b)An institution was offered a 5% discount when purchasing 25 such laptops on cash terms .
Calculate the amount of money paid by the institution.
(c)Two other institutions ,x and y,bought 25 such laptops each .Institution x bought the laptops on hire purchase terms .Institution y bought the laptops on cash terms with no discounts by securing a loan from a bank .The bank charged 12% p.a .compound interest for two years .Calculate how much more money institution y paid than institution x.