EXERCISE 7 1. A leather armchair has a cash price of R5 000. If bought on h deposit must be put down and the balance paid over 24 mon rate of \( 18 \% \) p.a. SI. a) What is the total amount paid for the armchair? b) How much of this was interest? c) Calculate the monthly instalment. 2. Sizwe wants to buy an electric stove. He finds one for R12 or him the option of two hire purchase deals. Option \( 1: \) A deposit of \( 20 \% \) of the cash price, with the balan over 36 months at \( 20 \% \) p.a. SI. Option 2 : A deposit of R2 000 , with the balance to be paid at \( 22 \% \) p.a. SI. a) Calculate the total amount paid for the stove and the m i) Option 1 ii) Option 2 . b) If you were Sizwe, which option would you choose and
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