A car is purchased on hire-purchase. The cash price is $21 000 and th – McqOptions

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1.	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
C.	$505
D.	$506
Answer» C. $505

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