BUSINESS MATHS

[bananas]

Business maths is really hard
anyone have a really good way to do Hire purchase
e.g. question:
1. Calculate the flat interest rate per annum on each of the following loans:
a. $2400 to be repaid in 30 monthly instalments of $90
b. $1500, to be repaid in  15 monthly instalments of $115
PLEASE HELP ME

[bananas]

PLEASE HELP ME...IM HAVING SOO MUCH TROUBLE

[khalil]

Hire purchase is when someone purchases something before they pay it in full. So its like renting, except your renting to own the item. Obviously the seller will charge an amount in which he will gain a profit.

So for example.. if its my girlfriend's b'day tomorrow and I have like $5 on me I can so the following:

Go to the store and ask the manager whether I can buy a pandora bracelet. He gives me the bracelet and says that'll be $200 thanks. I'll be like..ohh I didnt realise I had only $5 (im deceiving him) so he says FINE...give me that $5 as deposit, you can take the bracelet but you have to pay me $10 a month for 2 years. So I'll be like 'sweet that wont be much.' But after two years I have paid $245 (10*12*2+5), which means I've paid $45 ($245-$200) interest.  SO it was him that has deceived me. But in the end my girlfreind is happy that I havent forgot her b'day so everythings alright.

[khalil]

So for your question Do the following:

I pay $90 per month for 30 months so I have paid 90*30= 2700
The intial cost is 2400 so I have paid $300 interest.
$2400 is how much I owe him, cos' I've got no deposit.
So we know the following
I= 300
P= 2400
t=30/12 (1 year=12 months)
Chuck these in the formula and you get 5% p.a

hope that helps

Also, if your doing essentials, how did you go with Ex 21B, have you noticed any mistakes?

[bananas]

Thanks so much..it makes sense now. I've actually had trouble with most of the chapters 20a seemed to b the only one that clicked. My tutor kept getting questions wrong from 20d so 21b has mistakes to? Thanks again my teacher doesn't explain anything well at all.

[khalil]

Thanks so much..it makes sense now. I've actually had trouble with most of the chapters 20a seemed to b the only one that clicked. My tutor kept getting questions wrong from 20d so 21b has mistakes to? Thanks again my teacher doesn't explain anything well at all.

No worries. Post anymore questions if you need help.
Business maths is the hardest module I'm doing, I HATE it, but I have to do it to pass the SAC

[bananas]

thanks so much
i know right its such a pain
that helped me soo much but just curious what do you do when it asks a question like this
$5500 to be repaid in weekly instalments of $150 over 9 months
im just confused on what to do for the months..what do we change it to
im so behind in this module...i seem to do all my other homework before this
were up to 21D..ive done parts of everything haha

[khalil]

thanks so much
i know right its such a pain
that helped me soo much but just curious what do you do when it asks a question like this
$5500 to be repaid in weekly instalments of $150 over 9 months
im just confused on what to do for the months..what do we change it to
im so behind in this module...i seem to do all my other homework before this
were up to 21D..ive done parts of everything haha

In 1 Week we must pay $150. We do this for 9 months. But how many weeks are in 9 months?
We could estimate that there are about 4 weeks each month, but that woudn't be accurate cos' some months have 3.5 weeks.
In 12 months (1 year) there are 52 weeks. How many weeks in 9 months then?

9: x
12:52
Find x. 9/12=x/52, x= 39 weeks.
In short, 9 months has 39 weeks

I hope that helps!!!

[bananas]

that did thanks again