The marked price of a sewing machine is sh 30,000. A discount of 10% is given on cash payment. The sewing machine can also be bought on hire purchase. The hire purchase terms requires a deposit of sh 10,500 followed by 12 equal monthly installments of sh 2,150 each.
- Calculate:
- The cash price of the sewing machine.
- The hire purchase value of the sewing machine.
- Korir bought the sewing machine by cash while Akinyi bought it on hire purchase. How much did Akinyi pay for the machine than Korir?
- Calculate the percentage increase in hire purchase price over the marked price.