Greg buys a bicycle for £2000.Greg pays a deposit for the bicycle and pays the rest of the cost in 6 equal payments of £250.Work out the ratio of deposit paid to the total cost of the bicycle.Give your answer in its simplest form.
Question
Greg buys a bicycle for £2000.Greg pays a deposit for the bicycle and pays the rest of the cost in 6 equal payments of £250.Work out the ratio of deposit paid to the total cost of the bicycle.Give your answer in its simplest form.
Solution
Step 1: Calculate the total amount paid in 6 equal payments.
£250 x 6 = £1500
Step 2: Subtract this amount from the total cost of the bicycle to find out how much was paid as a deposit.
£2000 - £1500 = £500
So, Greg paid a deposit of £500.
Step 3: Now, we need to find the ratio of the deposit paid to the total cost of the bicycle.
This is £500 : £2000
Step 4: Simplify the ratio by dividing both sides by the greatest common divisor, which is 500.
£500/500 : £2000/500 = 1:4
So, the ratio of the deposit paid to the total cost of the bicycle in its simplest form is 1:4.
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