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Step-by-step explanation:

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total finance cost is 274064

interest in 5 year = 17568.21

creditors reduced in year 8 is 21812.87

Step-by-step explanation:

given data

cost = 500000

rate 35%

installment = 12

annual payment = 49922

to find out

the total finance cost and interest is charged in 5 year and creditors reduced in year 8

solution

we know cost is 500000 so down payment will be

payment = 35% of 500000 = 35/100 × 500000

so payment = 175000

and 12 installment purchase price is 12 ×  49922

purchase price = 599064

so total finance cost is payment + purchase price - cost

finance cost = 175000 + 599064 - 500000

so total finance cost is 274064

and

we know in 1 to 12 digit sum is 78

so interest in 5 year

interest = 5/78 of total finance cost

interest = 5/78 × 274064

interest in 5 year = 17568.21

and

interest in 8 year

interest = 8/78 of total finance cost

interest = 8/78 × 274064

interest in 8 year = 28109.13

so

creditors reduced in year 8  = 49922- 28109.13

creditors reduced in year 8 is 21812.87