Mullins Campbell
06/16/2023 · Middle School
(i) Adelaide needs a printer for his new office. The cost of the printer is R15 000. This is much too expensive for Adelaide to pay at once, so she opts for a hire purchase agreement, whereby she will have to pay a deposit of \( 15 \% \) of the cost and pay back the balance, plus \( 18 \% \) p.a. simple interest, by means of monthly payments over a period of 5 years. Adelaide works out that she can afford the deposit and can manage to pay a maximum of R500 per month. Will she be able to afford the deal?
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Adelaide can afford the hire purchase deal as the calculated monthly payment of R403.75 is less than her maximum affordable amount of R500 per month.
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