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Molodets [167]
2 years ago
6

Calculate the finance charge and the monthly payment on a $20,000 add-on installment loan with an interest rate of 9% and a term

of 5 years.
Mathematics
1 answer:
Agata [3.3K]2 years ago
5 0

Answer: 9006.16

Step-by-step explanation:

In general, the length of billing cycle is at least 15 days and no longer than 90 days.

The finance charge for a billing cycle is $9,006.16.

The new opening balance in the following billing cycle is $29,006.16.

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