A car is purchased on hire-purchase. The cash price is $22 000 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?  Choose the correct choice from the following answers.
A) $503  B) $504  C) $515  D) $528  E) $537
Explanation:   Cash price = $22 000   $528eposit = 10% Ã— $22 000 = $2200   Loan amount = $22000 âˆ’ $2200   Number of payments = 60   = $19800   I=p*r*t/100   I=11880   Total amount = 19800 + 11880= 
<gadget id="calculator">19800 + 11880</gadget>
<output>31_680</output>
$31680   Regular payment= total amount /number of payments = 528   Answer: $528
<result>D</result>
A car is purchased on hire-purchase. The cash price is $22 000 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?