Question

A motorbike is for sale at $13000. Finance is available at $3000 deposit and monthly

repayments of $520 for 4 years. What is the interest paid?

Answer 1

520 x 12 months x 4 years = 24960

24960 + 3000 deposit = 27,960 total paid.

27,960 - 13,000 = 14,960 total interest paid