An air conditioning unit, which is estimated to cost $300,000, will be purchased in February. The manager has planned with the suppliers to make a cash deposit of 40% upon signing of the agreement in February. The balance will be settled in four (4) equal monthly instalments beginning March 2024.

What is 40% of $300,000.00

What is the balance left to be paid?

How much would each payment be if the balance was to be paid equally over 4 months?