A car is purchased on hire-purchase. The cash price is $23 000 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?  Answers
A) $503  B) $504  C) $515  D) $543  E) $552
$552xplanation:   Cash price = $23 000   Deposit = 10% Ã— $23 000 = $2300   Loan amount = $23000 âˆ’ $2300   Number of payments = 60   = $20700   I=p*r*t/100   I=12420   Total amount = 20700 + 12420= 
<gadget id="calculator">20700 + 12420</gadget>
<output>33_120</output>
$33120   Regular payment= total amount /number of payments =552   Answer: $552
<result>E</result>
A car is purchased on hire-purchase. The cash price is $23 000 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?