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A car costs N7,600,000. A discount of 9% is given for cash payment. Calculate (a) the cash price (b) the total cost when paid in installments of N360,000 monthly for two years (c) the difference betwe

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3 parts
a

N6,916,000\text{N}6,916,000

b

N8,640,000\text{N}8,640,000

c

N1,724,000\text{N}1,724,000

Step-by-step solution

5 steps

Part a· 2 steps

  1. Calculate the discount amount.

    The original cost of the car is N7,600,000. A 9% discount is given for cash payment.

    Discount amount=9%×N7,600,000\text{Discount amount} = 9\% \times \text{N}7,600,000 Discount amount=9100×7,600,000\text{Discount amount} = \frac{9}{100} \times 7,600,000 Discount amount=9×76,000\text{Discount amount} = 9 \times 76,000 Discount amount=N684,000\text{Discount amount} = \text{N}684,000

  2. Calculate the cash price.

    Cash price=Original cost−Discount amount\text{Cash price} = \text{Original cost} - \text{Discount amount} Cash price=N7,600,000−N684,000\text{Cash price} = \text{N}7,600,000 - \text{N}684,000 Cash price=N6,916,000\text{Cash price} = \boxed{\text{N}6,916,000}

Part b

N8,640,000\text{N}8,640,000

  1. Calculate the total number of months for installment payment.

    The car is bought by monthly installment for two years.

    Number of months=2 years×12 months/year\text{Number of months} = 2 \text{ years} \times 12 \text{ months/year} Number of months=24 months\text{Number of months} = 24 \text{ months}

  2. Calculate the total cost when paid in installments.

    The monthly installment is N360,000.

    Installment cost=Monthly installment×Number of months\text{Installment cost} = \text{Monthly installment} \times \text{Number of months} Installment cost=N360,000×24\text{Installment cost} = \text{N}360,000 \times 24 Installment cost=N8,640,000\text{Installment cost} = \boxed{\text{N}8,640,000}

Part c

N1,724,000\text{N}1,724,000

  1. Calculate the difference between paying in cash and paying in installment.

    Difference=Installment cost−Cash price\text{Difference} = \text{Installment cost} - \text{Cash price} Difference=N8,640,000−N6,916,000\text{Difference} = \text{N}8,640,000 - \text{N}6,916,000 Difference=N1,724,000\text{Difference} = \boxed{\text{N}1,724,000}
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