A \( \$ 30,000 \) new car can be purchased with \( \$ 10,000 \) down, with the balance plus a \( 8 \% \) add-on interest to be paid in 36 equally monthly installments.
a) What is the total interest charged?
a. \( \$ 4,800 \)
b. \( \$ 2,480 \)
c. \( \$ 24,800 \)
d. \( \$ 480 \)
Your answer is incorrect.
The correct answer is:
\( \$ 24,800 \)