Bowman Mills
02/26/2023 · High School

Question 12. The Liang family wants to buy a family car at a cost of \( \$ 22700 \). They pay a deposit of \( \$ 4500 \) and borrow the balance at an interest rate of \( 11.5 \% \) p.a. The loan will be paid off with 48 equal monthly payments. a. How much interest do they pay?

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The Liang family will pay a total of $100,464 in interest over the course of the loan.

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