Answer:
The correct answer is option A
Step-by-step explanation:
\(M = P \frac{(r (1+r)^n}{(1+r)^{n-1} }\\= 48,000 \frac{(0.11 (1+0.11)^15}{(1+0.11)^{15-1} }\\\\= 6576\\\)
The total finance charges
\(= 48,000 + 6,576\\= 54, 576\\\)
The correct answer is option A
