If there is a total of 104 weekly instalments and a thirddeposit, find the interest charged

237.55
337
443
334

Correct Answer: 237.55

Explanation:

Cash price = $3695

Deposit =1/3 of $3695 = $1231.67

Loan amount = $3695.00 − $1231.67 = $2463.33

Total cost of loan = $25.97 × 104= $2700.88

Interest charged = total amount − loan
I = A − P
= 2700.88 − 2463.33
= 237.55

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