The marked price of a car is $49,500. A person can pay deposit of 30%

and interest at 12% per annum is charged on the outstanding balance.

The total amount payable is to be paid in 2 1/2 years. A) the amount of

each monthly installment b) The hire purchase of the car

and interest at 12% per annum is charged on the outstanding balance.

The total amount payable is to be paid in 2 1/2 years. A) the amount of

each monthly installment b) The hire purchase of the car

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The amount of each monthly installment is

$1,294and the hire purchase of the car is:$4,158.## Monthly installement

a. Monthly installment

2 1/2 years=30 months

First stepAmount payable=[49,500×(1-.30)] /30 months

Amount payable=(49,500×.70)/30 months

Amount payable=$34,650/30 months

Amount payable=$1,155

Second stepAmount of monthly installment=[$1,155×(1+0.12)

Amount of monthly installment=$1,155×1.12

Amount of monthly installment=$1,293.6

Amount of monthly installment=

$1,294 (Approximately)b. Hire purchase

Hire purchase=$1,155×.12×30 months

Hire purchase=

$4,158Therefore the amount of each monthly installment is

$1,294and the hire purchase of the car is:$4,158.Learn more about

monthly installmenthere:https://brainacademy.pro/question/2151013#SPJ1