Financial Mathematics
This is also called a hire purchase as the customer actually hires (borrows) the good until they are paid off. Goods can be reposed if payments are failed to be paid. Deferred Payment Plan- deposit, ‘interest-free period’, E.g. Jem borrowed $200 at $120 per month for two years. He also paid $300 deposit . What was the cash price of the item =$2300. What did he pay in total? = 120x24+300 ... ................
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