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- The car is purchased on hire-purchase.
Question 1:
The 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 total cost of the car?
A. 30.240
B. 31.240
C. 33.240
D. 32,240
Feedback Total cost = deposit + installment amount × number of installments
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