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? September 23, 2025 by Admin A. $503 B. $504 C. $505 D. $506 ✅ The correct answer is option B. $504. Cash price = $21 000