Peter borrowed $150,000 from a loan shark to buy a car. The interest rate is 45% p.a. compounded monthly. He repaid $8,000 each month. The depreciation of the car is 10% per month.
a) Find the value of the car after 3 months.
b) Find the amount owed by Peter after 3 months, correct to nearest hundreds.
c) What percentage has Peter lost in the sale and purchase of the car?