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A certain sum of money is deposited in a bank that pays simple interest at a certain rate .After 3 years the total amount of money in the account is sh 358,400.The interest earned each year is sh12,800.
(a)Calculate:
(i)the amount of money which was deposited
(ii)the annual rate of interest that the bank paid.
(b)A computer whose marked price is sh 40,000 is sold at sh 56,000 on hire purchase terms:
(i)Kioko bought the computer on hire purchase terms. He paid a deposit of 25% of the hire purchase price and cleared the balance by equal monthly
installments of sh 2625 .Calculate the number of installments.
(ii)Had Kioko bought the computer on cash price he would have been allowed a discount of 121 2 % on marked price. Calculate the difference between the cash price and hire
purchase price and express it as a percentage of the cash price.