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Find the interest charged and the installment price

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Question - David paid a down payment of RM15000 to buy a new car. The balance of RM60000 was paid by making a loan which charged an interest of 3.7% on reducing balance. He settled the loan by making equal monthly payments for seven years. By using constant ratio formula, find the interest charged and the installment price.

Reference no: EM133188491

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