A man bought a television set on hire purchase for N25,000, out of which he paid N10,000, if he is allowed to pay the balance in eight equal installments, find the value of each installment.
- N1250
- N1578
-
N1875
- N3125
The correct answer is: C
Explanation
Price of television = N25,000
Paid N10, 000
Remainder = N(25,000 - 10,000)
= N15,000
Eight equal installments = \(\frac{15,000}{8}\)
= N1,875 per installment.