A car is purchased on hire-purchase. The cash price is $26 000 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? Pick
A) $603  B) $624  C) $625  D) $626  E) $627
Explanation:   Cash price = $26 000   Deposit = 10% Ã— $26 000 = $2600   Loan amount = $26000 âˆ’ $2600   Number of payments = 60   = $23400   I=p*r*t/100   I=14040   Total amount = 23400 + 14040= 
<gadget id="calculator">23400 + 14040</gadget>
<output>37_440</output>
$37440   Regular payment= total amount /number of payments= 624   Answer: $624
<result>B</result>
A car is purchased on hire-purchase. The cash price is $26 000 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?