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Q:
A) 237.55 | B) 337 |
C) 443 | D) 334 |
Answer: A) 237.55
Explanation:
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