Question: Question 4 (5) Max puts R30 000 down on a second-hand car and contracts to pay the balance in 24 monthly instalments of R4000 each.

Question 4 (5) Max puts R30 000 down on a second-hand

Question 4 (5) Max puts R30 000 down on a second-hand car and contracts to pay the balance in 24 monthly instalments of R4000 each. If interest is charged at a rate of 24% per annum, payable monthly. a. how much did the car originally cost when Max purchased it? [5] b. How much interest did Max pay? [2]

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