7. Sultan Plc purchased a machine on hire purchase basis for 160,000 OMR . Down payment of 160,000 OMR was made immediately . The Ist instalment after 1 year is = 160,000 OMR. 2ND instalment after two years is = 160,000 OMR. And the last instalment after 3 years is 160,000 OMR . The cash price of the machine is 596,000 OMR. The vendors charged interest at 5 %. You are required to calculate 1. Hire purchase price 2. Total interest paid