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MatroZZZ [7]
2 years ago
14

If Anna buys a car for $18,000 with a down payment of $2,000 and is given a 3-year loan with an APR of 5 percent and monthly pay

ments of $480, what is the dollar amount of the finance charge on this loan
Business
1 answer:
Y_Kistochka [10]2 years ago
6 0

Based on the amount that Anna bought the car and the down payment, the dollar finance charge on the loan is $1,280.

<h3>What is the dollar finance charge for Anna's loan?</h3>

This can be found as:

= (Monthly payment x 3 years x 12 months per year) - (Car price - Down payment)

Solving gives:

= (480 x 3 x 12) - (18,000 - 2,000)

= 17,280 - 16,000

= $1,280

Find out more on finance charges at brainly.com/question/3436429.

#SPJ1

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