Can't seem to get the answer for part (b) of this question... brain blocked :-\
A tv set, which normally costs $880, can be bought through hire purchase with a $200 deposit and a payment of $30 a month for 30 months.
Calculate:
(a) the amount of interest being charged
Hire purchase cost = 200 + 30*30 = $1100
Interest charged = 1100 - 880 = $220
(b) the flat rate of interest
(c) the effective rate of interest
$220 is the interest; $880 is the principal.
Interest = 220 / 880 = 25%