The amount saved if the television set was bought for cash is $1,600.
Given the cost price of a television set as $10,000.00
If bought on hire;
Down payment = 20% of the cost
Down payment = 0.2 × 10,000
Down payment = $2000
If she is paying off-balance in 12 equal installments of $800.00, the amount paid for 12 months will be 12 × 800 = $9,600
- Total amount paid if hired = $2000 + $9,600
- Total amount paid if hired = $11,600
Amount saved if bought on cash = Amount if hired - Cost price of television
Amount saved if bought on cash = $11,600 - $10,000
Amount saved if bought on cash = $1,6000
Hence the amount saved if the television set was bought for cash is $1,600.
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