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 instalments. Interest is charged at 12% p.a. What is the monthly instalment?	Options.
A) $503	B) $504	C) $505	D) $506	E) $507
Explanation:   Cash price = $21 000   Deposit = 10% × $21 000 = $2100   Loan amount = $21000 − $2100   = $18900   I=p*r*t/100   I=11340   Total amount = 18900 + 11340= 
<gadget id="calculator">18900 + 11340</gadget>
<output>30_240</output>
$30240   Regular payment= total amount /number of payments   Answer: $504
<result>B</result>
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 instalments. Interest is charged at 12% p.a. What is the monthly instalment?