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10 August, 16:08

Mrs Gibb bought a car for $36 000. She paid a deposit of 1/6 of the total value and decided to pay the balance over a period of 24 months. How much does she have to pay each month?

(a) $1250

(b) $6000

(c) $30000

(d) $8560

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Answers (1)
  1. 10 August, 16:18
    0
    The amount that Mrs. Gibb was paying off with her monthly payments was

    $36,000 - (1/6) * 36,000 = $30,000

    That amount divided into 24 equal payments is

    $30,000:24 = $1250

    The best answer choice is

    (a) $1250
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