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In a retail shop,the marked price of a cooker was ksh 36,000. Wamandi bought the cooker on hire purchase terms .She paid ksh 6400 as a deposit followed by 20 equal monthly installments of ksh 1750.
(a)Calculate:
(i)the total amount of money she paid for the cooker .
(ii)the extra amount of money she paid above the marked price .
(b)The total amount of money paid on hire purchase terms was calculated at a compound interest rate on the marked price for 20 months.Determine the rate,per annum, of the compound interest correct to one decimal place.
(c)Kaloki borrowed ksh 36000 from a financial institution to purchase a similar cooker.The financial institution charged compound interest rate equal to the rate in (b) above for 24 months. Calculate the interest Kaloki paid correct to the nearest shillings.