Given the cash price of an item together with the percentage rate required, calculate the HP charges for a given repayment.
I had no idea how hire purchasing works, so I had a look round the web for some information. As far as I can tell a total price is agreed upon and then the buyer pays equal amounts every month until they reach that amount. They usually pay a deposit, but the question doesn't mention that so I wont include that part of the deal.
I'm not certain that's how it works, but I can always update my answer if I discover it works differently.
<? // a random cash price of an item in pounds $cash_price = mt_rand(5, 20); // a random percentage rate $percentage_rate = mt_rand(5, 50); // a random number of repayment periods $repayments = mt_rand(2, 10); // the total amount to pay is the cash price plus the percentage $total = $cash_price + ($cash_price * ($percentage_rate / 100)); // the amount to pay each month is the total amount // divided by the number of repayments $repayment = $total / $repayments; // output the original values echo 'Cash Price: £' . number_format($cash_price, 2) . '<br/>' . 'Percentage Rate: ' . $percentage_rate . '%<br/>' . 'Repayments: ' . $repayments; // output the total amount to be paid echo '<br/> <br/><b>Monthly Amount: £' . number_format($repayment, 2) . '</b>';?>Which produces:
Cash Price: £6.00
Percentage Rate: 24%
Repayments: 7
Monthly Amount: £1.06