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Hire Purchase

 

Hire Purchase refers to purchasing an item through a series of installments. 


Write:

(e.g) The deposit on an item is $325. If there are 6 monthly payments of $56, calculate the total Hire Purchase price.


Step 1: Multiply the installments by the length of time.

                    56 x 6 = $336

Step 2: Add the deposit to the total installments

                    $336 + $325 = $661


1. Kyarra wants to buy Bluetooth headphones. She must make a deposit of $38.10 and monthly payments of $12 for 2 years. Calculate the total HP price she must pay. 


2. Calculate the HP price a customer must pay when they make a downpayment of $450 and monthly payments of $78 for 3 years. 



3. Thierry wants to buy a living room suite. Its cash price is $5000. He must make a deposit of 20% followed by monthly payments of $120 for 3 years. 

a. Calculate the deposit.

b. Calculate the monthly payments.

c. Calculate the total HP

d. Calculate the interest on the living room suite.



4. The cash price of an android tablet is $$650. You must make a 20% deposit and then make payments of $52 for one year. 

  1. Calculate the deposit.

  2. Calculate the monthly payments.

  3. Calculate the total HP price

  4. Calculate the interest on the tablet. 



5. Skylar is buying a fridge. She will make a 25% deposit and monthly payments of $125 for 1 year. If the cash price is $1800, how much more will she pay by using the HP method.

6. Malia did well in an exam so she will be rewarded with a new phone. Her aunt will make a deposit of 30% and then make payments of $28 for 15 months.
a. If the cash price is $400, how much will her aunt pay?
b. What is the difference between the cash price and the HP price?

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