If the marked price is sh 7500 and a tv set is bought on hire purchase and a deposit of sh 3200 and monthly instalments of sh 6300, what was the percentage increase on the marked price?
difficult
To find the percentage increase on the marked price, we need to calculate the difference between the total amount paid and the marked price, and then calculate the percentage increase.
First, let's calculate the total amount paid. The deposit is sh 3200, and the monthly installments are sh 6300. We need to determine the number of installments to calculate the total amount.
Let's assume there are n installments. So, the total amount paid can be calculated as follows:
Total amount paid = Deposit + Monthly installments * Number of installments
Total amount paid = sh 3200 + sh 6300 * n
Now, let's calculate the number of installments:
Number of installments = (Total amount paid - Deposit) / Monthly installments
Number of installments = (sh 3200 + sh 6300 * n - sh 3200) / sh 6300
Next, let's substitute this value in the equation for the total amount paid:
Total amount paid = sh 3200 + sh 6300 * [(sh 3200 + sh 6300 * n - sh 3200) / sh 6300]
Now, we have the equation for the total amount paid in terms of n. This equation will give us the total amount paid for any number of installments.
Finally, let's find the value of n that makes the total amount paid equal to the marked price of sh 7500.
7500 = sh 3200 + sh 6300 * [(sh 3200 + sh 6300 * n - sh 3200) / sh 6300]
Now, solve this equation to find the value of n. Once we have the value of n, we can calculate the percentage increase in the marked price.
Note: Though I have explained the steps to find the solution, solving this equation requires complex calculations and it's better to use a calculator or spreadsheet software for accurate results.
figure the total cost using payments.
now find the difference between the two costs.
The % increase is the difference divided by 7500