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Harry buys a TV priced at £1200 plus 20% VAT. He pays £300 deposit and the balance in ten equal monthly payments. Calculate each m
Question
Harry buys a TV priced at £1200 plus 20% VAT.
He pays £300 deposit and the balance in ten equal monthly payments.
Calculate each monthly payment.
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Mathematics
4 years
2021-09-04T17:23:19+00:00
2021-09-04T17:23:19+00:00 1 Answers
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Answer:
£ 114
Step-by-step explanation:
From the question given above, the following data were obtained:
Price of TV = £ 1200
VAT = 20%
Amount paid = £ 300
Amount paid monthly =.?
Next, we shall determine the VAT. This can be obtained as follow:
VAT = 20% of price of TV
VAT = 20/100 × 1200
VAT = £ 240
Next, we shall determine the total cost of the TV. This can be obtained as follow:
Price of TV = £ 1200
VAT = £ 240
Total cost of TV =?
Total cost = Price + VAT
Total cost = 1200 + 240
Total cost = £ 1440
Next, we shall determine the balance amount he needs to pay. This can be obtained as follow:
Total cost = £ 1440
Amount paid = £ 300
Balance amount =?
Balance = Total cost – Amount paid
Balance = 1440 – 300
Balance = £ 1140
Finally, we shall determine the amount Harry will pay month.
Balance Amount = £ 1140
Number of months = 10
Amount paid monthly =.?
Amount paid monthly = Balance / number of month
Amount paid monthly = 1140 / 10
Amount paid monthly = £ 114
Therefore, Harry will pay £ 114 monthly.