think you are correct
the question says p.a. (per annum)
58.7 is all four years
... divide it by 4
Allan buys a used car for his daughter by paying a 20% deposit and $275 per month for 4 years. If the car has a cash price of $10 400, find the flat interest rate (p.a.) correct to one decimal place.
I got 14.7% but the answers say 58.7 could someone please help. What is did was:
Find the deposit which was $2080
Find balance owing which is $8320
Total amount repaid in instalments which was $13 200
Then found interest which is $4880 after that i tried to find the rate like this
$4880= 8320 x R x 4 then got 14.7%
2 answers
Ok thank you