A car is purchased on hire-purchase. The cash price is $25 000 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
A) $500
B) $504
C) $505
D) $560
E) $600
$600xplanation:   Cash price = $25 000   Deposit = 10% Ã— $25 000 = $2500   Loan amount = $25000 âˆ’ $2500   Number of payments = 60   = $22500   I=p*r*t/100   I=13500   Total amount = 22500 + 13500= 
<gadget id="calculator">22500 + 13500</gadget>
<output>36_000</output>
$36000   Regular payment= total amount /number of payments =600   Answer: $600
<result>E</result>
A car is purchased on hire-purchase. The cash price is $25 000 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?