Answer:
[tex]\$9500[/tex]
Step-by-step explanation:
Cost of car purchased by John = [tex]\$12,500[/tex]
Down payment made by John = [tex]\$3000[/tex]
To find : Amount on which interest need to be calculated
Solution :
In order to find amount on which interest need to be calculated, we need to deduct amount which have already been paid i.e the down payment from the cost of the car .
Amount on which interest need to be calculated = Cost of car purchased by John - Down payment made by John = [tex]\$12500-\$3000=\$9500[/tex]
