Question
If you buy a car on credit the car costs R130 000 then u deposit it for R130 00 and pays monthly instalments of R4600 for two years How much interest was charged
Answers
GPT 3.5
The total amount paid over the two years is given by:
Deposit: R30 000
Monthly payments: R4600 x 24 = R110 400
Total amount paid = R30 000 + R110 400 = R140 400
The total interest charged is the total amount paid (R140 400) minus the original cost of the car (R130 000):
Interest charged = R140 400 - R130 000 = R10 400
Therefore, R10 400 of interest was charged on the car purchase.
Deposit: R30 000
Monthly payments: R4600 x 24 = R110 400
Total amount paid = R30 000 + R110 400 = R140 400
The total interest charged is the total amount paid (R140 400) minus the original cost of the car (R130 000):
Interest charged = R140 400 - R130 000 = R10 400
Therefore, R10 400 of interest was charged on the car purchase.