A cash price of a car is N$ 112000. To buy the car on hire purchase, a deposit of N$15680
is required followed by 30 monthly instalments of N$ 3300 each.
2.1 Calculate the percentage that the deposit is of the cash price.
To calculate the percentage that the deposit is of the cash price, divide the deposit amount by the cash price and multiply by 100:
(15680 / 112000) * 100 = 14%
Therefore, the deposit is 14% of the cash price.
To calculate the percentage that the deposit is of the cash price, we can use the formula:
Deposit percentage = (Deposit amount / Cash price) * 100
Given:
Deposit amount = N$15680
Cash price = N$112000
Substituting the values in the formula:
Deposit percentage = (15680 / 112000) * 100
= 0.14 * 100
= 14%
Therefore, the deposit is 14% of the cash price.