Homework Answers
EMI = 
r is the rate of interest for a compounding period i.e. 12%/ 12 = 1% OR 0.01
n is the no of compoundind period i.e. 36 months
= $ 159.43
Total Interest Paid is = EMI * no of months - Principal
= 159.43*36 - 4800
= 5739.48 - 4800
= $ 939.48
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