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 instalments . interest is charged at 12 % p . a . what is the monthly instalment ?
explanation : cash price = $ 21 000 deposit = 10 % × $ 21 000 = $ 2100 loan amount = $ 21000 − $ 2100 = $ 18900 i = p * r * t / 100 i = 11340 total amount = 18900 + 11340 = $ 30240 regular payment = total amount / number of payments answer : b
add(divide(multiply(multiply(21, const_1000), subtract(const_1, divide(10, const_100))), 60), multiply(divide(divide(12, const_100), const_12), multiply(multiply(21, const_1000), subtract(const_1, divide(10, const_100)))))