Sure! Let's break this down step by step.
1. Hire Purchase Price and Deposit Calculation:
- The hire purchase price of the bike is [tex]$300.
- The deposit is 10% of the hire purchase price.
To find the deposit:
\[
\text{Deposit} = 10\% \times 300 = \frac{10}{100} \times 300 = 30 \, \text{USD}
\]
2. Remaining Amount to be Paid:
- After making the deposit of $[/tex]30, the remaining amount to be paid is:
[tex]\[
\text{Remaining Amount} = \text{Hire Purchase Price} - \text{Deposit}
\][/tex]
[tex]\[
\text{Remaining Amount} = 300 \, \text{USD} - 30 \, \text{USD} = 270 \, \text{USD}
\][/tex]
3. Monthly Installments:
- The remaining amount is to be paid in 10 equal monthly installments.
To find the monthly installment amount:
[tex]\[
\text{Monthly Installment} = \frac{\text{Remaining Amount}}{10}
\][/tex]
[tex]\[
\text{Monthly Installment} = \frac{270 \, \text{USD}}{10} = 27 \, \text{USD}
\][/tex]
Therefore, the deposit is [tex]$30, the remaining amount to be paid in installments is $[/tex]270, and the amount payable each month for 10 months is $27.
