Problem: a car is purchased on hire - purchase . the cash price is $ 24 000 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 ?
Rationale: "explanation : cash price = $ 24 000 deposit = 10 % ã — $ 24 000 = $ 2400 loan amount = $ 24000 â ˆ ’ $ 2400 number of payments = 60 = $ 21600 i = p * r * t / 100 i = 12960 total amount = 21600 + 12960 = $ 34560 regular payment = total amount / number of payments = 576 answer : d"
annotated_formula: add(divide(multiply(multiply(24, const_1000), subtract(const_1, divide(10, const_100))), 60), multiply(divide(divide(12, const_100), 12), multiply(multiply(24, const_1000), subtract(const_1, divide(10, const_100)))))