Business, 24.10.2020 21:00 mgreenamb

Leopardstown Fitness Centre in Dublin is considering the purchase of some new training equipment which has a retail price of €8,600. The club has only €600 available to fund the purchase at this time. Following discussions with its local bank, as well as a sales representative from the suppliers, the centre is faced with the following possibilities. Rental: Pay a monthly rental of €140 for five years, plus an annual maintenance payment of €150.

Hire purchase: Pay a deposit of €600, plus 60 monthly instalments of €150.
A final payment of €480 must then be paid.

Bank loan: Borrow the amount needed for five years on which interest is charged at a flat rate of 7% per annum.

Calculate the total cost of each option over a five-year period.

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Leopardstown Fitness Centre in Dublin is considering the purchase of some new training equipment whi...

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