A car is purchased on hire-purchase. The cash price is $26 000 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?	Pick:
A) $ 603	B) $ 624	C) $ 625	D) $ 626	E) $ 627

Rationale: "explanation : cash price = $ 26 000 deposit = 10 % ã — $ 26 000 = $ 2600 loan amount = $ 26000 â ˆ ’ $ 2600 number of payments = 60 = $ 23400 i = p * r * t / 100 i = 14040 total amount = 23400 + 14040 = $ 37440 regular payment = total amount / number of payments = 624 answer : b"
Answer: B