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What is the interest rate and how much interest expense

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Question - The Company acquired a new motor vehicle which was financed visa a chattel mortgage agreement.

Total chattel mortgage is $47800

Monthly repayment: $1230 in 36 months the last payment which in month 36th also include lump sum payment of $8000 => therefore the total payment in the last month was $9320. What is the interest rate and how much interest expense per month?

Reference no: EM132513984

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