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1 answer:
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Answer:
48 months
Step-by-step explanation:
Cost of car = RM12,750
interest charged = 4% = 0.04
total interest paid = RM1,041.25
Now,
Using the Constant Ratio formula
r =
here,
i is the interest paid
P is the principle
n is the number of monthly installments
r is the interest rate
on substituting the respective values, we get
0.04 =
or
n + 1 = 49
or
n = 48 months