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Q.
If there is a total of 104 weekly instalments and a thirddeposit, find the interest charged
A.
237.55
B.
337
C.
443
D.
334
View Answer
Correct choice: A
Explanation:
Cash price = $3695 Deposit =1/3 of $3695 = $1231.67 Loan amount = $3695.00 − $1231.67 = $2463.33 Total cost of loan = $25.97 × 104= $2700.88 Interest charged = total amount − loan I = A − P = 2700.88 − 2463.33 = 237.55
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