Mathematics
Medium
Question
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 installments. Interest is charged at 12% p.a. What is the monthly installment?
A
$503
B
$504
✓ Official correct answer
C
$505
D
$506
Community credibility
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A
$503
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B
$504
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C
$505
No member explanations yet for this option.
D
$506
No member explanations yet for this option.