You have bought a car cost 1,500,000 Baht partially financed by a certain leasing company. You and the leasing company come up with the payment plan as follows: Payment Plan Cost of car (Baht) 1,500,000 Less: Down payment (25%) (Baht) 375,000 Equal Amount borrowed (Baht) 1,125,000 Multiply: Annual interest rate (%) 2% Equal: Annual interest amount (Baht) 22,500 Multiply: Number of years for making installments (Years) 3 Equal: Total amounts of interest (Baht) 67,500 Amount borrowed (Baht) 1,125,000 Add: Total amounts of interest (Baht) 67,500 Equal: Total amounts to account for making installments (Baht) 1,192,500 Divide: Number of installments (3*12) (times) 36 Equal: Amount of monthly installment (Baht) 33,125 Do you think you would actually be charged more than 2% per annum (effective interest rate is greater than 2% per annum)? Give justification without supporting calculation