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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?

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

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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

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