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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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