The answer of A car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly installments. Interest is charged at 12% p.a. What is the monthly installment?
A. $503
B. $504
C. $505
D. $506
Cash price = $21 000
Deposit = 10% × $21 000
= $2100
Loan amount = $21 000 − $2100
= $18 900
I=p*r*t/100
I=11340
Total amount = 18 900 + 11 340
= $30 240
regular payment = total amount /number of payments
Mcq Added by: Wiki
- interest Mcqs
- interest Mcqs calculations of Arithmetic Ability with easy and logical explanations.
- Mathematics Mcqs
-
Mathematics Mcqs – Maths Mcqs are very important for every test. prepare for NTS, FPSC, PPSC, SPSC, CSS, PMS Test Preparation. and all other testing services. Most of the test syllabus contain Mathematics test portion. Here you will find most important Mathematics Mcqs. here these Mcqs will help you getting good marks in this Section. Here you will find most important Mcqs of Mathematics from Basic to Advance. some of the most important sub categories are: Average, Percentage, Problem on Ages, Time and Distance, HCF and LCM, Logarithms, Discount, Interest, Ratio & Proportion, Decimal Fraction and other.
IF YOU THINK THAT ABOVE POSTED MCQ IS WRONG.
PLEASE COMMENT BELOW WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION.
Learn, A car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly installments. Interest is charged at 12% p.a. What is the monthly installment? Question from Math part of e learning Questions on e akhabaar