Haynes Bolton
09/17/2024 · Middle School
interest. How much money did hereceive at the end of the investment period? A student buys a TV set of R11 000 on a hire purchase agreement. He agrees to pay a deposit of \( 20 \% \) and the balance over a period of two years in monthly installments at \( 14 \% \) simple interest p.a. He also takes out an insurance premium of R 18,50 per month. Determine the amount of each installment.
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The amount of each installment, including insurance, is approximately R487.83.
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