Madam Dora purchased a TV set for $550 and later decided to sell for $600. She sold it under the following hire purchase terms. An initial payment of 30% of the price and the balance paid in monthly equal installment at 10% simple interest per annum for 2 year. Calculate the percentage profit Madam Dora made on the cost price of the TV set.

Madam Dora purchased a TV set for $550 and later decided to sell for $600. She sold it under the following hire purchase terms. An initial payment of 30% of the price and the balance paid in monthly equal installment at 10% simple interest per annum for 2 year. Calculate the percentage profit Madam Dora made on the cost price of the TV set.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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