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Claire buys furniture to the value of R35 000. She pays a 15% cash deposit, and signs a hire purchase agreement for the balance. The

Claire buys furniture to the value of R35 000. She pays a 15% cash deposit, and signs a hire purchase agreement for the balance. The interest rate will be 13% per annum, and she will pay off the loan over a period of 3 years.

2.1 What is the value of the deposit?

2.2 Hence, determine the amount Claire borrows.

2.3 What will the amount of her monthly instalment be?

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