Jones bought a radio on hire purchase terms. He paid a deposit of $ 500 and 22 equal monthly installments of $ 250. If the cash price of this radio was three quarters of the hire purchase price, what was the cash price?
"hire" = entire?
.75($500 + 22*$250) = ?
To find the cash price of the radio, we need to first calculate the total amount paid by Jones over the hire purchase term.
From the given information, we know that Jones paid a deposit of $500 and 22 equal monthly installments of $250 each.
The total amount paid in installments can be calculated by multiplying the monthly installment amount by the number of installments: $250 x 22 = $5500.
Adding the deposit amount to the total installment amount: $500 + $5500 = $6000.
Now, we're told that the cash price of the radio was three quarters (or 3/4) of the hire purchase price.
Let's assume the hire purchase price is represented by 'x'. So, the cash price would be 3/4 of 'x', which can be written as (3/4)x.
Since Jones paid $6000 in total, we can set up the equation:
(3/4)x = $6000
To isolate 'x', we can multiply both sides of the equation by 4/3:
x = ($6000)(4/3)
Simplifying:
x = $8000
Therefore, the hire purchase price of the radio is $8000.
To find the cash price, we need to calculate three-quarters of the hire purchase price: (3/4) x $8000 = $6000.
So, the cash price of the radio is $6000.