UZE bought a car on hire purchase the car costed R130 000 she paid deposit of 13000 and a monthly instalments R4600 per month for three years what was the interest of the cash price as a percentage
To calculate the total amount paid over 3 years, we first calculate the total amount of the monthly payments:
Monthly payment: R4600
Number of months: 36
Total amount paid: R4600 * 36 = R165600
Next, we need to subtract the deposit from the total amount paid to determine the total interest paid:
Total amount paid: R165600
Deposit: R13000
Total interest: R165600 - R13000 = R152600
Now, we can calculate the interest as a percentage of the cash price:
Cash price: R130000
Interest: R152600 - R130000 = R22600
Interest as a percentage of the cash price:
Interest / Cash price * 100
= R22600 / R130000 * 100
= 17.38%
Thus, the interest of the cash price as a percentage is 17.38%.