A car is purchased on hire-purchase. The cash price is $24 000 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?
Options.
A) $503
B) $504
C) $555
D) $576
E) $587
Explanation:   Cash price = $24 000   $576eposit = 10% Ã— $24 000 = $2400   Loan amount = $24000 âˆ’ $2400   Number of payments = 60   = $21600   I=p*r*t/100   I=12960   Total amount = 21600 + 12960= 
<gadget id="calculator">21600 + 12960</gadget>
<output>34_560</output>
$34560   Regular payment= total amount /number of payments=576   Answer: $576
<result>D</result>
A car is purchased on hire-purchase. The cash price is $24 000 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?